Sonnedix achieves financial close on USD$99M project financing for 171MW Atacama Solar PV plant in Chile

Global independent solar power producer Sonnedix Power Holdings Limited announced it has further expanded its presence in Chile through the financial close of USD 99 million (EUR 88 million) for its 171MWp Atacama Solar PV plant in the form of non-recourse project financing provided by CAF –Development Bank of Latin America, as lead arranger, administrative agent and senior lender, and by Banco BICE and Banco Security, as senior lenders.

The Atacama Solar PV plant is located in the Pica district in the Atacama Desert in Chile, an area with the highest solar irradiation worldwide. The project will be the second largest solar project in the country once completed.

The solar plant will generate approximately 470GWh of clean electricity annually, avoiding the emission of around 200,000 metric tons of CO2 per year (cased on IEA methodology and emissions factor for Chile) compared with thermal generation.

Present in Chile since 2015, Sonnedix currently has over 400 MW of utility scale solar photovoltaic projects under development, construction or in operation in the Chilean market.

Axel Thiemann, CEO of Sonnedix said:

“Closing this new project financing for our Atacama solar plant represents an important milestone for Sonnedix, and for Chile’s position as a clean energy leader, as we continue to expand our PV footprint to help the country achieve its renewable energy goals. It reflects the scale – and pace – of growth across our platform as we develop, build and operate assets across OECD countries.”

On this transaction, Sonnedix was advised by Pan American Finance (Financial), Skadden, Arps, Slate, Meagher & Flom LLP and Claro & Cia (Legal), and DNV GL (Technical).

Source: Press Release by Sonnedix. Photo Credit: Sonnedix St Julia Solar PV plant, Chile. © Sonnedix.