Aela Energia

Innergex's Solar, Hydro and Battery Porfolio in Chile - Refinancing

Borrower (s)
Industry
Power/PV solar
Area of finance
Project & Infrastructure Finance
Region
Latin America
Countries
Chile

Deal Overview

Innergex Renewable Energy (INE) has completed a $803 million (C$1.032 billion) refinancing of the non-recourse debt of its wholly-owned portfolio of assets in Chile. This includes $710 million  of green bonds maturing in 2036 with a $139 million balloon payment and a $93 million letter of...

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Innergex Renewable Energy (INE) has completed a $803 million (C$1.032 billion) refinancing of the non-recourse debt of its wholly-owned portfolio of assets in Chile. This includes $710 million  of green bonds maturing in 2036 with a $139 million balloon payment and a $93 million letter of credit facility. The portfolio is composed of solar, wind and hydro and battery energy storage assets.

The refinancing process will allow Innergex to unlock $31.7 million of cash at closing and benefit from a pre-hedging strategy providing an additional $55.8 million in cash proceeds. The net proceeds will be used to finance $176 million of the acquisition of Aela wind farms, while $72 million will be used to finance all development activities for the Salvador energy storage project. The remaining balance will be used to repay $548 million of the existing debt and other transaction costs.

Portfolio comprises the 50MW San Andres solar farm and the three Aela wind farms (332 MW) acquired earlier this year, as well as the 18MW Lican hydro facility, 55MW Mampil hydro facility, 85MW Peuchen hydro , and 85MW Salvador solar facility with a 50MW/250MWh BESS project currently under construction. Innergex also owns a 55% interest in 34MW Pampa Elvira solar thermal facility and a 69.5% interest in 12MW Guayacan hydro facility, which were not incorporated in the portfolio.

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Deal Volume
$ 803.1m
Financial Close
05 August 2022

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Tranches


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Projects

Aela Onshore Wind Farm

Greenfield
Wind
Latin America
Chile
$ 686m

Salvador Solar Project

Greenfield
PV solar
Latin America
Chile
$ 221m

Peuchén Hydro Facility Project

Greenfield
Large hydro
Latin America
Chile
$ 105m