Mytilineos acquires 588MW solar portfolio in Chile
Pamela Largue
Posted on: 12 January 2024
The portfolio was acquired over a period of two years as part of Mytilineos’ strategic investment into the Chilean market.
Mytilineos Energy & Metals has reached financial close on a 588MWp solar portfolio, consisting of four projects in Chile.
The portfolio was acquired over a period of two years as part of Mytilineos’ strategic investment into the Chilean market.
Once constructed, solar parks Willka, Doña Antonia, Tocopilla and Tamarico in Chile will produce approximately 1.6TWh of green electricity annually.
The majority of the power produced by the four projects will be sold to Enel Chile under 10-year power purchase agreements.
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The projects are at different stages of construction:
- Willka was energised in August and was recently inaugurated. The project has a total investment of over $110 million and it will contribute 109,2 MWp;
- Doña Antonia will be energised in early 2024;
- Tocopilla and Tamarico are expected to be energised in Q2 2024.
The financing was concluded with lenders BNP Paribas, Intesa San Paolo, Sumitomo Mitsubishi Banking Corporation, Rabobank and Santander Chile.
The financing is structured with a construction and term facility of $315 million.
Mytilineos continues to develop its solar pipeline in Chile, a promising solar power market due to the abundance of solar irradiation and assertive decarbonisation targets.
This is Mytilineos’ first project financing in Chile, and its fifth project financing of solar PV projects internationally.
The total capacity of Mytilineos’ international renewable energy portfolio currently exceeds 13.8GW.
