SunEdison, IFC, OPIC Close $100.4M Project Financing for 50.7 MWp Solar Power Plant in Chile

SunEdison

today announced the closing of a $100.4 million non-recourse debt financing arrangement with the Overseas Private Investment Corporation (OPIC), the U.S. Government's development finance institution and IFC, a member of the World Bank Group. The debt proceeds will be used in Chile for the construction of a 50.7 MWp solar power plant, to inject energy directly into the Central Interconnected System (SIC), selling all its production in the spot market (merchant solar). OPIC is providing $62.9 million of debt, IFC is providing a parallel loan of U.S. $37.5 million and Rabobank is providing a local Chilean Peso VAT facility for the equivalent of U.S. $25.6 million. Interconnection of the 50.7 MWp plant is expected to take place during the first quarter of 2014. Once completed, the project, called "San Andres" and located in the Atacama region, is set to become the largest solar photovoltaic merchant plant in Latin America in 2014 and one of the largest in the world. Pancho Perez, SunEdison President for Europe, Middle East, Africa and Latin America, stated, "This plant represents significant growth for SunEdison and Chile's PV industry,