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Mainstream closes $280M construction finance facility

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Mainstream Renewable Power has closed a $280 million “mezzanine” construction financing facility with the leading alternative lender AMP Capital Infrastructure Debt Fund IV.

The AMP Capital Facility complements the $1.25 billion in senior project financing debt that has been raised to date through two separate financings completed in October 2019 and August 2020.

Mezzanine funding of $280 million is arranged in three different tranches, with the Condor and the Huemul tranches drawn at the close, and the Copihue tranche is planned to be drawn as soon as the platform hits a financial close in H1 2021.

Andes Renovables is approximately $1.8 billion, a three-stage wind and solar generation platform consisting of seven offshore wind and three solar PV generation assets. The first phase of 570 MW, Condor, reached a financial close in 2019 and construction is now 43 percent complete. The next and final step, Copihue, consists of another wind asset with a capacity of 100 MW.

All the criteria appropriate for the first drawdown under the $630 million Huemul senior project funding have been met.

“Mainstream is delighted to be working with AMP Capital to finance one the largest wind and solar platforms in Latin America. This deal follows closely on the heels of the US$630m Huemul senior project financing which we announced at the beginning of September.

“We are proud of the support Mainstream continues to receive in the international financial community. We place great value on our large group of capital providers – ranging from commercial banks, to insurance companies and sureties, to alternative lenders – who have worked together seamlessly to provide us with more than US$1.5bn of flexible and efficient financing structures that enable Mainstream to focus our efforts on building out one of the largest independent renewable energy platforms in the world.”

Paul Corrigan, Mainstream’s chief financial officer.

“AMP Capital is extremely pleased to provide Mainstream with $280m of mezzanine debt to finance the construction of the Andes Renovables platform. Mainstream is a world leader in renewable energy and is exactly the type of partner we seek to work with to provide innovative financing solutions. We look forward to helping Mainstream achieve its goal of bringing low cost, sustainable energy to communities globally.”

Patrick Trears, global head of infrastructure debt at AMP Capital.
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