Repsol Ibereólica Renovables Chile SpA obtains financing for their Greenfield Wind Energy Project
Crédit Agricole CIB advised Repsol Ibereólica Renovables Chile SpA – a joint venture between Repsol Chile S.A. (‘Repsol’) and Ibereólica Renovables Chile S.A. (‘Ibereólica’) – on a USD$118 million project finance debt raise for the construction and operation of Project Atacama (the ‘Project’), a 165.3 MW greenfield wind farm in northern Chile. The Project benefits from a Long-Term Power Purchase Agreement with a sound counterparty.
The project finance structure was tailor made to maximize debt based on both contracted and merchant revenue cash flows, while keeping strong credit metrics. As a result, the transaction received significant interest from several banks and was oversubscribed.
Repsol and Ibereólica formed their joint venture in 2020 in order to develop, build and operate a portfolio of renewable assets in Chile. The joint venture is an integral part of both companies’ commitment to the clean energy space and plans to develop a significant solar PV and wind onshore power capacity in the region. Crédit Agricole CIB looks forward to supporting both companies with their clean energy ambitions (learn more about the Bank’s strong sustainable commitments).
“Crédit Agricole CIB is honored to have been trusted by Repsol and Ibereólica to raise a competitive financing package, which sets a valuable benchmark for the development of their joint venture in Chile.” Mathieu Rousson, Managing Director with Crédit Agricole CIB’s Energy and Infrastructure Group – Latin America
This is the fourth advisory transaction that Crédit Agricole CIB has closed in Chile over the past two years. In addition to Project Atacama, these include the 204 MW Cabo Leones II wind farm (owned by Ibereólica and Global Power Generation); the 101 MW San Pedro PV plant (owned by Global Power Generation); and Generadora Metropolitana’s 1.23 GW multi-technology energy platform.
This transaction further solidifies Crédit Agricole CIB’s leadership position in the Chilean energy sector.
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