Irish renewable project developer Mainstream Renewable Power has reached financial close for the first phase of its 1.3 GW Andes Renovables wind and solar power project in Chile. The group has raised US$580m in debt to finance the construction of the first phase of the project, named Condor, which will include three wind parks (157 MW Tchamma, 185 MW Cerro Tigre and 84 MW Alena) and one solar PV park (145 MW Rio Escondido) with a combined capacity of 571 MW. Construction has already started and the first phase is expected to be commissioned in 2021.
Two additional phases, Huemul and Copihue, are due to reach financial close in the coming months. They will add another 730 MW (525 MW of wind and 205 MW of solar) to the Andes Renovables project, which will include 7 wind parks and 3 solar PV projects for a total cost of US$1.7bn. The overall project will be fully operational in 2022.
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