Wind and solar energy are fast emerging as one of the most important sources of renewable energy, and Mainstream Renewable Power is one of the better-known names in this industry.
On Tuesday, the company announced that it has managed to close financing to the tune of $580 million for its wholly-owned Chilean subsidiary, “Andes Renovables.” The company announced that it has managed to raise the fund through debts. The money will be used to construct the biggest solar and wind generation plant in the whole of Latin America. It is a significant development for both Mainstream and also for Chile.
Although it is a significant development, it is also important to keep in mind that this is a big step for Mainstream, and the company must do everything in its power to make it a success. A group of six banks financed the debt. The banks are KfW IPEX-Bank, Societe Generale, SMBC, CaixaBank, Natixis, and DNB. Banco Santander provided the VAT facility for the deal. It is among the biggest debt financing deal in the renewable energy space that has been undertaken in Latin America this year.
Mainstream’s CEO, Andy Kinsella, spoke in detail about the project. He stated,
Breaking ground at Mainstream’s 1.3 gigawatt Andes Renovables platform is a major milestone in our long-term commitment to bringing low cost, clean energy generation to Chile.
The first phase of the project is going to see the construction of three wind power generation assets and one for solar energy. Kinsella went on to add that the company will soon announce the details of the second and third phases of construction at the project.