Earlier this month the Project received two awards from Latin Finance: Best Renewable Energy Financing in Latin America and Best Infrastructure Financing, Andean Region.
12 lenders participated in the financing, totaling c. US$ 1bn of commitments.
Astris congratulates its client EIG Global Energy Partners (EIG) and its portfolio company Cerro Dominador on the successful funding of the final stage of construction for its 210 MW combined photovoltaic (PV) and concentrated solar power (CSP) plant in the Atacama desert in Chile - and on the two well deserved awards.
The funding in July 2018 allowed for the repayment of certain bridge loans as well as payment for the issuance of notice to proceed to finalize the construction of the CSP plant which had been suspended. The PV plant is already operational and the CSP plant is expected to achieve COD during 2020. The works are being executed by Abengoa and Acciona under joint arrangements. Cerro Dominador’s CSP plant will be the first operational CSP plant in Latin America – marking the beginning of a new era for renewable power in Chile and the region.
Astris Finance served as financial advisor to EIG and Cerro Dominador on this landmark transaction which included the participation of twelve international project finance banks and institutional investors. Astris advised on the Senior Debt Facilities (which included a senior loan, a VAT loan and a debt service reserve letter of credit) as well as a financing at the holding company level.
“The financing for Cerro Dominador illustrated Astris’ ability to build on its substantial track record in the Chilean energy sector with respect to both technology and size,” mentioned Tobey Collins, Managing Director and Head of the Astris Washington DC office.
Romain Papassian, Astris Director and deal team leader, further added “We were able to rise above the financing challenges associated with the project’s status as the first application of the CSP technology in the region as well as the project’s history to successfully close and fund on a timely basis.”
The Cerro Dominador financing was innovative in terms of technology, financing structure, and size – and Astris is proud to have been a part of this achievement together with EIG and Cerro Dominador.