Grenergy closes over 17 million Euro financing of two plants in Chile
Grenergy, energy producer from renewable sources and specialist in the development, construction and management of photovoltaic and wind projects, has closed the financing of two PMGD (Small Distributed Generation Media) photovoltaic energy projects of 9 MWs in Chile, amounting to 19,2 million dollars (17,1 million Euro), as announced earlier today to the Spanish Mercado Alternativo Bursátil (MAB). This is the first time a Chilean bank supports a renewable energy project with these characteristics, selling energy under the Stabilized Price Regime. The projects have been picture-news-securityfinanced by Security and Consorcio, in an operation that consolidates Grenergy in Chile where it in 2012 and establishes Chile as a key pillar in the Company’s Latin American strategy.
With this funding, in the form of Project Finance, the company will complete the projects of “Esperanza” and “Marchigüe”, two photovoltaic plants with a capacity of 18 nominal MW in total, which will occupy an area equivalent to over 65 football fields. The projects are under construction and will be connected to Chile’s distribution network, the Central Interconnected System (SIC). Both plants are located in the commune of Marchigüe, in the region of Libertador O’Higgins, one of the most populated regions of the country and, therefore, one with large energy needs.
This project is strategic for the group and is the largest one signed to date. It is one of the main drivers for the company´s 2016/2017 business plan, under which Grenergy plans to build a total of 85 MW in Chile. The business model is centred around the development of projects to be sold to a third party, whilst also maintaining some projects in operation to generate recurring revenue from the sale of electricity. In the coming weeks, Grenergy will connect its second plant in the country, “FV Alturas de Ovalle”, to the SIC, with a capacity of 3 MW’s. Together with their first plant, also located in the Ovalle region, Grenergy will generate 14 MWh/year of energy, which will cover the electrical needs of 1.900 homes while also reducing 9.000 tons of CO2 per year of greenhouse gases emissions.
