Greek industrial company Mytilineos has achieved a significant milestone by securing financing for its 588MWp solar portfolio in Chile. A consortium of prominent lenders, including BNP Paribas, Intesa San Paolo, SMBC, Rabobank, and Santander Chile, played a crucial role in closing the financing deal, marking Mytilineos' entry into the Chilean solar market.
The solar portfolio comprises the Willka, Doña Antonia, Tocopilla, and Tamarico projects, each at different stages of construction. While Willka is already operational, Doña Antonia is set to be energized in February, with Tocopilla and Tamarico currently under construction. Once fully operational, these solar plants are anticipated to collectively generate approximately 1.6TWh of green electricity annually, contributing significantly to Chile's renewable energy capacity and reducing over 1 million tonnes of CO2 emissions each year.
Enel Chile has committed to purchasing the majority of the power generated through 10-year Power Purchase Agreements (PPAs). Additionally, the sites will be eligible to receive capacity payments from the Coordinador Eléctrico Nacional, Chile's ISO.
This marks Mytilineos' third successful project financing for solar schemes on the international stage and its first in Chile. DNV, serving as a market advisor, played a pivotal role in facilitating the financing process, supporting Mytilineos and contributing to the acceleration of renewable energy deployment in Chile. The collaboration underscores the growing importance of international partnerships in advancing sustainable energy initiatives and underscores the company's commitment to expanding its renewable energy footprint globally.