"Andes Renovables": KfW IPEX-Bank finances first phase of the megaproject
Press Release from 2019-11-26 / KfW IPEX-Bank
KfW IPEX-Bank is involved in the financing of one of the biggest renewable energy projects in Latin America. The first phase of the mammoth project "Andes Renovables" will run under the name "Cóndor" and supply around 571 MW of green energy from three wind farms and one PV project. KfW IPEX-Bank is providing debt capital financing in the amount of approx. USD 106 million; the overall investment volume of Andes Renovables adds up to some USD 1.7 billion.
The project sponsor is the Irish wind and solar developer Mainstream Renewable Power Ltd. The three wind farms will be constructed by the Spanish companies Sacyr Industrial and Elecnor, and the wind turbines are to be supplied by the European companies Vestas, Nordex Acciona and Siemens Gamesa. The India-based company Sterling & Wilson Solar Ltd. is in charge of building the PV park, with the grid connection works being carried out by Transelec, CGE, HMV and Siemens. All four main transformers for the projects will be supplied by ABB.
The construction of the Cóndor project phase has already started and the facilities will successively take up operation as of the end of next year. With an installed capacity of 571 MW the project will supply electricity to around 680,000 Chilean households. This will help avoid some 656,000 tonnes of CO2 emissions.
The project is being financed through a consortium of seven banks: CaixaBank, DNB, KfW IPEX-Bank, Natixis, SMBC, MUFG and Societe Generale. It is one of the most voluminous financing transactions for renewable energies in the region in 2019. The next two phases "Huemul" and "Copihue" will increase the overall capacity of Andes Renovables to 1.3 GW.
The financing from KfW IPEX-Bank helps ensure a sustainable supply of electricity from renewable sources for Chile and, in this way, makes an important contribution to climate and environmental protection.