The Chilean solar portfolio of Sonnedix is expected to include nearly 20 solar plants


Sonnedix closes financing for Chilean solar portfolio. (Credit: Sonnedix.)

Sonnedix, an independent power producer (IPP) and Natixis have closed financing to the tune of $87m for a solar portfolio with an expected of 100MW in Chile.

The Sonnedix PMGD portfolio is expected to comprise of nearly 20 solar projects, which will operate under Chile’s special regime for distributed generation projects.

The first four solar plants under the portfolio have total capacity of 25MW.

The financing structure offers Sonnedix the flexibility to add additional solar plants under the portfolio, subject to meeting certain pre-defined criteria.

The company also plans to add two new plants to the portfolio with total capacity of 14MW, by this month. The remaining 61MW of capacity are expected to be added during the term loan availability period.

PMGD regime in Chile was created in 2005

Sonnedix CEO Axel Thiemann said: “This financing allows us to further expand our presence in the Chilean market and helps establishing Sonnedix as a strong contributor to the country’s long-term commitment to renewables and stable regulatory environment.

“We continue actively seeking opportunities to invest and develop projects that will help achieve key strategic goals for the country’s power system.”

The PMGD regime in Chile was created in 2005 with a goal to incentivise cleaner and more distributed electricity generation.

Sonnedix PMGD portfolio is expected to contribute significantly to the country’s target to have 20% of installed electricity generation capacity from renewable sources by 2025.

Natixis managing director, Latin America infrastructure finance head Aitor Alava said: “This marks the fourth PMGD loan portfolio term financing arranged by Natixis over the past 12 months; these transactions further consolidate Natixis’ leadership amongst financial institutions in the PMGD space.”

Last August, Sonnedix started construction on the 171MW Sonnedix Atacama Solar plant in Chile.

Located in the Pica district of the Atacama Desert in Chile, the project is being built with $180m of investment and is set to be the second-largest of its kind in the country.

The solar plant will have a capacity to generate about 470GWh of clean electricity annually, enough to supply more than 100,000 homes.