Today’s larger facility will be used to support bid bonds, performance bonds, and equity commitments throughout the Group
Mainstream Renewable Power, the global wind and solar development company, has today secured an increase to its existing Trade Finance Facility. The agreement sees its facility more than double to €200 million, with the €110 million increase led by ABN AMRO with a panel of international insurance companies acting as sureties. These organisations join the existing facility led by DNB and HSBC, as parties to the agreement. RKH Speciality acted as broker in respect of the surety participations.
Mainstream agreed a €90 million Trade Finance Facility late last year with DNB and HSBC which was, at the time, the largest corporate debt facility secured in Mainstream’s history.
Today’s larger facility will be used to support bid bonds, performance bonds, and equity commitments throughout the Group. Mainstream expects the first use under the new facility to be to support the Group’s equity commitments in relation to the construction of its $1.65 billion Andes Renovables portfolio in Chile, where it wholly owns 1.3 GW of fully contracted wind and solar projects.
Mary Quaney, Mainstream’s Chief Financial Officer and Executive Director, said: “We’re delighted to have secured this increase in our Trade Facility. This global facility, the largest in Mainstream’s history, signals our ambitions and gives us the freedom to pursue opportunities without geographical restriction. In the first instance, it will help us to fund our transformational Andes Renovables portfolio in Chile. This 1.3 GW portfolio is ensuring renewable energy continues to outcompete both new and existing fossil -fired generation, delivering firm power across Chile.”
Vincent Goedegebuure, Global Head of Client Coverage, ABN AMRO, said: “Supporting our clients in the energy transition is at the heart of ABN AMRO’s strategy and, as such, we are delighted to be able to support Mainstream in achieving its strategic ambitions and further develop large renewable energy projects. Mainstream is truly contributing to the sustainability shift and we are proud to have become part of their story.”
Source: Company Press Release