Mainstream to close on Huemul renewable deal imminently
Mainstream Renewable Power is expected to reach financial close on a roughly $500 million-$600 million debt package backing phase two of its 1.3GW Andes Renovables portfolio in Chile this month.
Financed via a 19-year loan, the deal for the 730MW Huemul and Cophine portions of the portfolio have been in the works since November 2019. The sponsors was pushing for an April close, but construction problems caused by the pandemic led to delays in the financing.
The lender line-up includes Caixabank, DNB, KfW IPEX-Bank, Natixis, Credit Agricole, SMBC, Societe Generale, ABN Amro and IDB Invest.
Credit Agricole, and ABN Amro were not in the Condor deal, which was priced at 230bp over Libor, with step-ups beginning in year six. IDB has requested approval to provide a ticket of up to $200 million.
It is yet unclear whether the sponsor will finance Copihue at the same time as Huemul, although the loan includes the possibility of increasing the debt to include the portfolio's third phase if the sponsor chooses to.
