Cerro Dominador signs Chilean CSP financing
Cerro Dominador, a Chilean renewables developer owned by investment funds managed by EIG Global Energy Partners, has signed a $758 million financing for its 210MW concentrated solar power (CSP) project in the Atacama in Chile. The deal will allow the sponsor to finalize construction of the first combined CSP and photovoltaic project in Latin America - a 100MW photovoltaic facility and a 110MW CSP plant. The project is backed by 15-year power purchase agreements awarded at the end of 2014. The PPA is priced at $114 per MWh from January 2019.
Banks involved include Natixis, Deutsche Bank, Societe Generale, ABN Amro, Santander, Commerzbank and BTG Pactual. The deal comprises a $638 million seven-year miniperm with the remainder of the debt coming from a parallel institutional investor tranche. Other participants are expected to join the banking group in the coming weeks.
Milbank is providing international sponsor counsel, with Morales y Besa as local counsel and Astris Finance as financial advisor. Clifford Chance and Barros & Errazuriz Abogados provided lender counsel.
