AWARDS: BEST RENEWABLE ENERGY FINANCING

AWARDS: BEST RENEWABLE ENERGY FINANCING

Corporate & Sovereign Strategy

EL PELÍCANO When the US solar panel manufacturer SunPower got a 15-year loan for the El Pelícano project in Chile, it did not break the financing mold. SunPower, owned by France’s Total, did not rely solely on commercial lenders to finance the $250 million project. Instead, it recruited Asian and European capital from Crédit Agricole, MUFG and SMBC as well as Korea Development Bank (KDB). Nor did SunPower get long-term financing to match the life of a 15-year power purchase agreement for El Pelícano. Rather, it secured a seven-year loan for almost $200 million, as well as a $22 million VAT facility and a UF-denominated, inflation-linked performance bond from Banco de Crédito e Inversiones

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