Cóndor wind and solar portfolio
Natixis acted as Mandated Lead Arranger, Administrative Agent, LC Issuing Bank and Hedge Provider for the financing of the Cóndor Portfolio, a 4-project, 571MW renewable energy portfolio to be built across Chile composed of a solar PV park and 3 windfarms. It is expected to reach commercial operation in 2021. Once built, the Cóndor Portfolio will contribute to the decarbonization of the Chilean electricity system as well as to lowering the price of electricity across the country, powering 680,000 Chilean homes and displacing 656,000 metric tons of CO2 each year.
The Cóndor Portfolio represents the first phase of the Andes Renovables platform, a circa US$ 1.7 billion renewable energy platform comprising 10 projects totaling 1.3 GW of installed capacity. This platform, one of the largest wind and solar energy platforms in Latin America, is being developed by Mainstream Renewable Power, a leading Irish renewable energy developer with a strong international track record and one of the largest developers of renewable energy projects in Chile. The next two phases, “Huemul” and “Copihue”, which have a combined capacity of c. 730 MW, are on track to reach financial close in the coming months.
The US$ 580 million financing for the Cóndor Portfolio successfully reached financial close on 4 November 2019.
Natixis is proud to have supported Mainstream Renewable Power in this milestone project and looking forward to support the Company in the financing of the subsequent phases of the Andes Renovables platform. This transaction serves as further proof of Natixis’ strong commitment to green and sustainable finance. In the last 24 months Natixis has financed 13 renewable deals in Latin America with a total installed capacity of 3,300 MW.