SUSI Partners, representing its Sustainable Energy and Technology Fund (SETF), has successfully secured debt financing for a substantial 107MW solar project portfolio in Chile. The financing arrangement has been established in collaboration with Banco de Crédito e Inversiones (BCI), the Miami branch of a prominent Chilean bank, which serves as the lender and administrative agent, alongside Norwegian financial services group DNB.
These greenfield distributed generation projects, benefiting from stabilized offtake prices within Chile's PMGD regime, are currently in the construction phase, with the entire portfolio anticipated to achieve full operational status by the conclusion of 2024. The portfolio was acquired by SUSI as part of a broader framework agreement with BIWO Renovables, a distinguished Chilean renewables developer renowned for its expertise in delivering distributed renewable energy initiatives.
Notably, the Chilean portfolio falls under the purview of SETF, SUSI's flagship evergreen energy transition fund. This fund boasts a well-diversified portfolio spanning OECD jurisdictions, encompassing clean energy generation, energy efficiency, battery energy storage, customer energy solutions, and electric vehicle charging infrastructure.
This strategic partnership underscores SUSI's strategic intent to further extend its presence in the swiftly expanding Chilean clean power market in the forthcoming years. Importantly, these projects exemplify SUSI's unwavering commitment to adhering to best-practice Environmental, Social, and Governance (ESG) standards—a critical factor in securing debt financing from top-tier financial institutions.
In addition to their dedicated responsible procurement initiatives, SUSI and BIWO are actively engaging with local communities, prioritizing local suppliers, compensating for temporary agricultural land use disruption, and promoting the recycling and reuse of construction materials. This comprehensive approach underscores the holistic sustainability commitment of both organizations as they advance renewable energy projects in Chile.
