Source: Cerro Dominador
May 18, 2018, Chile – Cerro Dominador, a Chilean company owned by investment funds managed by EIG Global Energy Partners (“EIG”), today announced the signing of the financing for its Solar Power Concentration (CSP) plant located in the Atacama desert, in Chile. This milestone will allow the company to complete the construction of the first combined thermosolar and photovoltaic energy project in Latin America, with a total of 210 MW of installed capacity. The plant will supply clean and reliable energy to Chile’s interconnected national system, selling most of its production under 15-year power purchase contracts awarded at the end of 2014.
The financing, amounting to US $758 million, has been subscribed by a group of international financial institutions and the contribution of local banks. Among the financial entities involved are: Natixis, Deutsche Bank, Société Générale, ABN AMRO, Santander, Commerzbank and BTG Pactual, as well as other institutional investors in a segment parallel to bank financing. Other participants are expected to join the banking group in the coming weeks.
“This is another significant milestone in our plan to build the first CSP project in Latin America. Chile has one of the best locations to take advantage of solar energy and this technology is in an ideal position to provide solutions to the country by providing clean and reliable energy operating 24 hours a day. We are fulfilling the commitments assumed and we are very happy to contribute with the energy agenda of Chile, “said Fernando González, CEO of Cerro Dominador.
The Cerro Dominador project is located in María Elena, in the vicinity of Calama, in the Antofagasta Region, an area with one of the highest levels of solar radiation in the world. The new plant will produce clean energy, replacing the expected emissions of 640,000 tons of CO2 per year, reaching as an integrated project a total of 870,000 tons of CO2 reduction per year.
Likewise, the new construction phase will mean an important contribution in terms of employment for the region, generating a maximum of 1,000 jobs in the next two years.
The company has been advised throughout the financing process by Milbank, Tweed, Hadley and McCloy (international legal counsel), Morales and Besa (local legal counsel) and Astris Finance (financial adviser). The completion of the construction of the plant will be carried out by a consortium of world leading companies in solar technology.
Cerro Dominador is part of the Energy Agenda of Chile, which has sought to diversify the country’s matrix through the increase in the use of renewable energy.
EIG took over its position of control and supervision of the management of the solar project at the end of 2016. The first part of the Solar Project, with 62 MW of photovoltaic energy, started in October 2017, reaching 100 MW in February 2018.
About Cerro Dominador
Cerro Dominador is a solar energy project, with the first Concentrated Solar Energy plant built in Latin America. With a total of 210 MW of a combination of solar power concentration (CSP) and photovoltaic technologies, the project will provide renewable base load power to the Chilean Electric System. The project is carried out on land granted by the State of Chile as a way to contribute to the development of Renewable Energies.
EIG Global Energy Partners specializes in private investments and infrastructure related to energy worldwide and has US $ 18,900 million under management as of March 31, 2018. Since 1982, EIG has been one of the main providers of institutional capital for the energy industry at a global level, providing financing solutions throughout the balance sheet process for companies and projects in the oil and gas, transmission, infrastructure, energy and renewable energy sectors worldwide. EIG has invested more than US $ 26,300 million in more than 325 investment portfolios in 36 countries. EIG is headquartered in Washington, DC, with offices in Houston, London, Sydney, Rio de Janeiro, Hong Kong and Seoul. For more information, visit www.eigpartners.com.
Certain information contained in this document constitutes “forward-looking statements,” which can be identified through the use of forward-looking terminology, such as “expected,” “could,” “should,” “will,” “would,” “expects,” “anticipates.” , “Objective”, “projected”, “potential”, “estimate”, “intention”, “continue” or “believe”, or their negatives or other variations in this regard. Due to various risks and uncertainties, actual events or results or actual performance may differ materially from the events, results or performance reflected or contemplated in such forward-looking statements. These factors should not be construed as exhaustive and should be read in conjunction with the other cautionary statements included in this release and in Company documents. The Company and EIG do not assume the obligation to update or supplement forward-looking statements that are not true due to events or subsequent circumstances. As a result, investors should not rely on such forward-looking statements.