Solar energy group SOLEK has closed a $379 million financing for its portfolio in Chile, consisting of solar photovoltaic and PMGD plants.
SOLEK owns a portfolio of approximately 284MWdc in Chile and has more than 400MW of projects in development stage in Latin America.
The financing comprises facilities: $178 million senior private placement, $75 million mezzanine, $55 million PMGD bridge-loan facility, $37 million utility-scale bridge loan, $19 million LC Facility, and $15 million VAT line.
BNP Paribas and Natixis, New York Branch acted as placement agents, arrangers and lenders. BCI and Scotiabank Chile acted as agents and lenders on local facilities. White & Case and Guerrero Olivos acted respectively, as international and local legal counsels to SOLEK.
Recently, SOLEK entered the major United States Private Placement market (USPP). SOLEK confirmed its attractiveness to investors and has gained flexible access to further financing. SOLEK is entering this new market with a 20-year bond issuance worth approximately $178 million, or close to CZK 4 billion.
Since 2010, SOLEK has connected a total of 53 PV solar projects, 18 in Europe and 35 in Chile. SOLEK Group has currently more than 38 projects to be built in Chile in 2023 and 2024.
The installed capacity targeted by the end of 2023 is 400 MW worldwide, most of them in Latin America. In Europe, PV solar projects with a total capacity of 1.4 GW are in the pipeline. The projects in Romania and Greece are at the most advanced stage of development. The first plants are planned to be connected in 2024.
SOLEK Group’s main portfolio is located in Chile, where it manages more than three dozen photovoltaic power plants with a total capacity of over 200 MW. It also focuses on Europe, where it develops existing projects while seeking new investment opportunities.
The company aims to complete 2GW of installed capacity by the end of 2027.