Clifford Chance advises Grenenergy on the closing of the $148 million green financing of two solar parks in Chile
Clifford Chance has advised Grenergy Renovables on the senior financing for a total amount of 148 million dollars, including other complementary credit lines, for the construction and operation of two solar PV projects in Chile with a combined capacity of approximately 300MWp, including a 241MW solar PV in Gran Teno and a 48MW solar PV in Tamango. This green facility complies with the Green Loan Principles (GLP).
The crossborder team was led by global financial markets partner José Guardo, with the support of associates Eduardo Sánchez, Ángel Muñoz, Alejandro Cubillo and Elena Euba. US Partner Fabricio Longhin and Senior Associate Alan Sakar provided support from the Washington office.
The electricity produced by both plants will supply 164,611 homes, reducing CO2 emissions by more than 170,000 tons per year. In order to sell the generated energy, Grenergy entered into a PPA with an international utility for a period of 12 to 15 years.
The transaction, which has been signed with the French banks BNP Paribas and Société Générale, is a green loan and also includes other complementary credit lines. This transaction is structured in such a way that its proceeds will be used to finance renewable energy projects.
Gran Teno is, with a capacity of 241 MW, Grenergy’s largest solar farm. It is located in the province of Curicó, near Santiago, Chile, and has an estimated annual production capacity of 477 GWh. It is expected that, once commissioned, more than 136,000 households are expected to be supplied with green energy from this from this infrastructure, which will prevent the emission of more than 147,000 tons of CO2 per year.
Located in the province of Linares, also close to the country’s capital, Tamango, currently under construction, has a capacity of 48 MW. It is scheduled to come on line in the first quarter of 2024, by which time it will provide clean energy to more than 33,000 homes and save more than 29,000 tons of CO2 per year. CO2.
