(Reden, 8.Oct.2019) — Reden Investments Chile SpA (“Reden Solar Chile”) and Natixis have successfully closed senior facilities totaling US$96.4 million for the up-to-100MW portfolio of solar PV plants in Chile (the “Reden Chile Solar PMGD Portfolio”).
Reden Solar Chile is wholly-owned by affiliates of Reden, a French independent renewable power producer with more than 10 years of experience. This marks the second PMGD loan portfolio term financing arranged by Natixis, and one of the first such transactions closed in the international project finance market.
The Reden Solar PMGD Portfolio will consist of assets operating under Chile’s special regime for distributed generation projects (the “PMGD” regime). PMGD projects are entitled to be remunerated for their generation at a regulated stabilized price. The proceeds of the transaction are being used to finance solar PV projects. The financing structure provides Reden Chile with the flexibility to add additional solar PV PMGD projects to the portfolio, subject to meeting defined eligibility criteria.
Natixis acted as Sole Lead Arranger, Hedge Provider, and Administrative Agent and Natixis provided a firm underwriting for 100% of the transaction.
Through Reden Solar Chile, Reden has an increasingly strong presence in the Chilean electricity market, its main destination of investments outside Europe. This footprint in Latin America currently includes 60 MW in Mexico and 50 MW in Puerto Rico.