SunEdison secures $212.5m funding for 100MWp solar farm in Chile

Solar energy service provider SunEdison has secured $212.5m in project financing for the construction of a 100MWp solar farm in the Atacama Desert, Chile.

The Overseas Private Investment Corporation provided a $147.5m loan, while International Finance Corporation (IFC) has provided $65m of debt. Rabobank provided a local Chilean Peso VAT facility worth $45m.

Construction of the Amanecer Solar CAP project started in August 2013 near the city of Copiapo in the Atacama region and is expected to be completed in the first quarter of 2014.

SunEdison president for Europe, Middle East, Africa and Latin America Pancho Perez said theAmanecer Solar CAP is a landmark project that enables the deployment of solar energy in Chile in a meaningful way.

"Photovoltaic solar energy is an ideal source to diversify the current energy mix, reduce energy costs, and contribute to the growing energy demand in a country that has extraordinary conditions for the development of this type of energy, Perez added.

 The project will cover an area of 215 hectares and will include over 300,000 SunEdison Silvantis photovoltaic solar panels. The farm is expected to generate 270GWh per year of clean energy in its first year of operation and will avoid the CO2 emission of over 135,000 tons.

OPIC president and CEO Elizabeth Littlefield said thatas one of OPIC’s first renewable energy transactions in Chile, this project will take advantage of the country’s solar potential to increase energy access and create local jobs.

"We look forward to continuing the strong partnership with SunEdison as it supports Chile’s effort to diversify its energy sources," Littlefield added.