August 11 (Renewables Now) – Connor, Clark & Lunn Infrastructure, also known as CC&L Infrastructure, and CarbonFree Technology have closed about USD 360 million (EUR 348.2m) in debt to finance a utility-scale solar project portfolio in Chile, they announced today.
The Canadian pair has obtained a USD-19-million letter of credit facility, a USD-71-million bridge-loan facility and a roughly USD-270-m private placement facility. The proceeds of the latter will be directed towards the refinancing of existing bank debt and the repayment of the bridge-loan facility once the construction of the solar parks is finalised.
CC&L Infrastructure noted that the private placement issuance has been oversubscribed by a syndicate of large North American financial institutions.
The Chilean portfolio that benefits from the financing has a total capacity of 360 MW, including over 250 MW already in operation and 110 MW under construction. CC&L Infrastructure and CarbonFree made their initial investment in the country in 2017 and since then have built 37 individual ground-mounted solar plants. The remaining 16 projects are expected to be completed by the second half of 2023.
The solar portfolio sells its output at stabilised prices under Chile’s Pequenos Medios de Generacion Distribuidos (PMGD) programme.
(USD 1 = EUR 0.967)
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