Greek renewables developer Mytilineos has successfully reached financial close on a significant portfolio of solar PV projects in Chile, totaling 588 megawatts (MW). The expansive portfolio comprises four distinct projects, namely Willka (109MW), Tocopilla (228MW), Tamarico (165MW), and Doña Antonia (86MW), strategically located across the Arica-Parinacota, Antofagasta, Atacama, and Coquimbo regions of Chile.
Structured financing for the projects includes a substantial senior debt component of US$315 million, supplemented by ancillary facilities amounting to US$60 million.
The funding has been secured through a consortium of international and local entities, featuring the participation of prominent institutions such as BNP Paribas, Intesa San Paolo, Sumitomo Mitsubishi Banking Corporation, Rabobank, and Santander Chile. This marks Mytilineos' inaugural project financing venture in Chile and serves as its fifth globally for solar PV projects.
The projects are at various stages of development, with the Willka plant having commenced operations in August 2023, representing a total investment of US$110 million. Doña Antonia is anticipated to be operational in early 2024, while the remaining two projects are slated for completion in the second quarter of this year.
A substantial portion of the projects' capacity has been secured through a 10-year power purchase agreement with utility Enel Chile. Additionally, the projects are set to receive capacity payments from the network coordinator, further fortifying their financial viability.
See also: NBN Co Inks 10-Year Deal with Mytilineos for Renewable Power Supply
Mytilineos has been actively expanding its footprint in Chile, with a development portfolio exceeding 750MW of solar PV in 2022, including the four aforementioned projects. Chile, boasting some of the world's highest irradiation levels, particularly in the Atacama region where two of Mytilineos' projects are situated, has seen a continuous rise in solar PV installations.
In a recent development, Mytilineos secured €400 million (US$438 million) from the European Investment Bank, earmarked to support its ambitious 2.6GW solar and battery storage development plans across Europe through 2027.
