Mainstream secures $580m funding for Cóndor power project in Chile


Ireland-based wind and solar development company Mainstream Renewable Power has achieved financial close for the 571MW Cóndor project in Chile.

The company has secured $580m debt financing for the construction of phase one the $1.7bn Andes Renovables, a wind and solar power generation project in Chile.

A consortium of six banks – CaixaBank, DNB, KfW IPEX-Bank, Natixis, SMBC and Societe Generale – has provided the financing for the first phase, while Banco Santander provided a VAT facility.

The 1.3GW Andes Renovables is a three-phase wind and solar generation project, which consists of seven wind and three solar PV generation assets.

The next two phases of the $1.7bn project are ‘Huemul’ and ‘Copihue’, which will have a combined capacity of 730MW.

The 571MW Cóndor comprises three wind and one solar PV generation assets that will generate enough sustainable electricity to power 680,000 homes in Chile and will displace 656,000 tonnes of CO2 per year.

Sacyr Industrial and Elecnor are responsible for the construction of the wind farms, while Vestas, Nordex Acciona and Siemens Gamesa will supply the wind turbines.

Sterling & Wilson is in charge of constructing the Río Escondido solar farm, while Transelec, CGE, HMV and Siemens will work on the grid connection.

ABB will supply all four main transformers for the projects.

Mainstream Group chief executive Andy Kinsella said: “The start of delivery of this USD$1.7 billion, three phase project – one of the largest wind and solar power generation platforms in Latin America – is further evidence of Mainstream’s position as the world’s leading independent developer of renewables, with 9 gigawatts of assets in development across Latin America, Africa and Southeast Asia.”

Mainstream Group Latin America general manager Manuel Tagle said: “Today’s announcement of the financial close of Cóndor is particularly significant, as these four new projects alone will displace over 656,000 metric tonnes of C02 per year.

“Furthermore, with an additional 2.7 gigawatts of wind and solar development asset pipeline, the most geographically diverse in the country, we are committed to making an even greater contribution in the decades to come.”


Image: Cóndor is one of Latin America’s biggest wind and solar generation platforms. Photo: courtesy of Mainstream Renewable Power.

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