Grenergy closes over 17 million euro financing of two solar plants in Chile

Grenergy has closed the financing of two solar plants PMGD (Small Distributed Generation Media) photovoltaic energy projects of 9 MWs in Chile, amounting to 17 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 financed 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 solar 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.

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 CO<sub>2</sub> per year of greenhouse gases emissions.

Chile, a leading energy market

Electric demand in Chile is growing at an accelerated rate. The combination of strong electricity demand and the country’s rich natural resources, especially solar energy generation, has made of Chile a very important energy market. In fact, Chile is a leader in solar energy in Latin America. Grenergy is very well positioned in Chile, and also has offices in Mexico, Peru and Colombia.

In addition, the government is incentivising further the development of the renewable energy sector, with the goal that by 2050, 70% of the energy consumed in the country must be from renewable sources.

Source: Grenergy