A group of investors led by EverStream Energy Capital Management LLC has closed on the 50.7 MW San Andres solar power plant located in the Atacama region of Chile. The investors also include Claro y Asociados and SunEdison.
SunEdison developed the San Andres project, which reached commercial operation in March, and will retain a partial equity position. San Andres is distributing energy directly into Chile's Central Interconnected System (SIC) and selling the energy on a merchant basis, with prices determined by the spot market instead of a long-term off-take contract. EverStream says it is the largest merchant solar power plant in Latin America.
In November 2013, the project received $100.4 million in non-recourse debt financing from the Overseas Private Investment Corp. (OPIC), the U.S. government's development finance institution, and International Finance Corp. (IFC), a member of the World Bank Group. In addition to the debt financing provided by OPIC and IFC, the project received a Chilean peso denominated VAT facility from Rabobank equivalent to $25.6 million.Â
‘Closing financing on the San Andres project is another important milestone as we continue to build our solar power project portfolio,’ says PJ Lee, managing partner of EverStream Energy Capital Management. ‘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.’