EverStream, Claro, SunEdison complete financing for 50.7MW solar project in Chile

EverStream Energy Capital Management, Claro y Asociados and SunEdison have completed the equity financing for the 50.7MWp solar power plant, located near the Copiapo city in the Atacama region, Chile.

SunEdison will retain a partial equity position in the project, which attained commercial operation on 14 March2014.

The solar facility was developed by SunEdison and has received $100.4m in non-recourse debt financing from the Overseas Private Investment (OPIC) and International Finance (IFC), in November 2013.

The project secured a Chilean peso denominated VAT facility from Rabobank that worth about $25.6m, in addition to the debt financing provided by OPIC and IFC.

San Andres, which is distributing energy directly into the Central Interconnected System (SIC), is selling the electricity on a merchant basis, with prices determined by the spot market instead of a long term off-take contract.

EverStream Energy Capital Management managing partner PJ Lee said the closing of financing for the San Andres project is another important milestone to build solar power project portfolio.

"As one of the largest solar merchant power plants in the world, this project will bring advanced solar generation technologies and advanced operation and management practices to Chile, while having a significant positive impact on the environment, local businesses and people," Lee added.

Claro y Asociados managing director Javier Contreras said the transaction leveraged group’s unique combination of industrial and project finance expertise to deliver renewable energy exposure for the sophisticated group of investors involved.

SunEdison develops, finances, installs, and operates distributed power plants and has research and development (R&D) and manufacturing facilities in the US, Europe and Asia.