The company closed financing in August 2020 for the project’s second phase, known as the Huemul Portfolio, raising $620 million in debt out of a total Capex of $993 million. It was one of the largest debt financings for renewable energy globally in 2020, and involved a consortium of lenders including CaixaBank, DNB Bank, IDB Invest, KfW IPEX-Bank, MUFG, Santander Chile and SMBC.
The scope of the financing and the innovative approach to the energy platform won Mainstream the Renewable Energy Financing of the Year award.
"The financing for the Huemul Portfolio allows us to build out our renewable energy projects in Chile and continue with our commitment to deliver clean energy at scale. It signals the confidence of the market in our strategy and the work we are doing to build out this portfolio," CEO Mary Quaney tells LatinFinance.
What sets Mainstream’s approach apart from others is the use of different energy sources – wind and solar power – and the location of the projects. Quaney says that the hybrid approach is an important feature of the project’s development in Chile.
"The assets are diversified very carefully geographically as well as by technology. The hybridized portfolio provides a more aggregated generation profile. It is an innovative approach and we are doing it at scale, which let us close the financing at a very difficult time in the Covid-19 pandemic," she says.