SunEdison, Inc. a leading worldwide solar energy services provider recently announced the closing of a $100.4 million non-recourse debt financing arrangement with the Overseas Private Investment Corporation (OPIC), the U.S. Government’s development finance institution and IFC, a member of the World Bank Group. The debt proceeds will be used in Chile for the construction of a 50.7 MWp solar power plant, to inject energy directly into the Central Interconnected System (SIC), selling all its production in the spot market (merchant solar).
OPIC is providing $ 62.9 million of debt, IFC is providing a parallel loan of U.S. $37.5 million and Rabobank is providing a local Chilean Peso VAT facility for the equivalent of U.S. $25.6 million.
Interconnection of the 50.7 MWp plant is expected to take place during the first quarter of 2014. Once completed, the project, called "San Andrés" and located in the Atacama region, is set to become the largest solar photovoltaic merchant plant in Latin America in 2014 and one of the largest in the world.
Pancho Pérez, SunEdison President for Europe, Middle East, Africa and Latin America, stated: “This plant represents significant growth for SunEdison and Chile’s PV industry, and significant value creation for SunEdison, investors and the region. The San Andrés merchant PV plant highlights SunEdison’s ability to deploy innovative energy solutions that address consumers’ electricity needs, contribute to national economic growth by reducing energy cost, and serve as a reference for the industry worldwide. We are very proud to partner once again with OPIC, IFC and Rabobank in Chile to enable this worldwide flagship project”.
Pérez added, “When completed, San Andrés will be the one of the first merchant PV plants and will demonstrate that solar photovoltaic is already a competitive energy source in countries like Chile. This project reinforces SunEdison’s leadership in the Latin American renewable energy market and reaffirms our commitment to clean energy industry development in Chile”
Read more: SunEdison, IFC and OPIC close US$100.4MM Project Financing Arrangement for the Largest Merchant Solar Plant in Latin America | OPIC : Overseas Private Investment Corporation
OPIC is providing $ 62.9 million of debt, IFC is providing a parallel loan of U.S. $37.5 million and Rabobank is providing a local Chilean Peso VAT facility for the equivalent of U.S. $25.6 million.
Interconnection of the 50.7 MWp plant is expected to take place during the first quarter of 2014. Once completed, the project, called "San Andrés" and located in the Atacama region, is set to become the largest solar photovoltaic merchant plant in Latin America in 2014 and one of the largest in the world.
Pancho Pérez, SunEdison President for Europe, Middle East, Africa and Latin America, stated: “This plant represents significant growth for SunEdison and Chile’s PV industry, and significant value creation for SunEdison, investors and the region. The San Andrés merchant PV plant highlights SunEdison’s ability to deploy innovative energy solutions that address consumers’ electricity needs, contribute to national economic growth by reducing energy cost, and serve as a reference for the industry worldwide. We are very proud to partner once again with OPIC, IFC and Rabobank in Chile to enable this worldwide flagship project”.
Pérez added, “When completed, San Andrés will be the one of the first merchant PV plants and will demonstrate that solar photovoltaic is already a competitive energy source in countries like Chile. This project reinforces SunEdison’s leadership in the Latin American renewable energy market and reaffirms our commitment to clean energy industry development in Chile”
Read more: SunEdison, IFC and OPIC close US$100.4MM Project Financing Arrangement for the Largest Merchant Solar Plant in Latin America | OPIC : Overseas Private Investment Corporation
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