Product: Project Finance
Role: Mandated Lead Arranger
Environmental category: B
Impact: 121,042 tons of CO2eq/year of avoided carbon emissions
Financial clousure: 2022
CIFI structured the financing of a portfolio of 24 PMGD photovoltaic projects with a total capacity of 72 MWp, estimated at US$86.6 million, in favor of oEnergy Holding SpA.
Since 2004, Chile has passed laws to promote renewable energy (RE) plants. The PMGD (small means of distributedgeneration) plays an essential role in this sector. At present, small generators account for about 1,000 MW (4% of the capacity in the system), and solar photovoltaic plants represent 74% of this capacity.
As part of this financing, CIFI will participate with an amount of US$ 15.5 million to Pinguino Emperador SpA, a company of oEnergy Holding SpA, owner of this portfolio, to build the first PMGD plants of the portfolio. In contrast, the total financing is being closed with other financial institutions interested in participating with CIFI. CIFI’s commitment consists of a senior debt tranche of US$12.9 million and a subordinated debt tranche of US$2.6 million, with disbursements beginning in March.
