Solarpack Raises USD$104 Million In Financing For Projects In Chile And India
Solarpack has raised a total of USD$104 million for nine PV plants in Chile and India. A group of Chilean banks has financed three of the company’s Chilean Small Means of Distributed Generation projects for $35 million. Meanwhile, an Indian financial entity has financed six plants in India for $69 million. The total capacity of the plants is 135.5 MWp, which will help both countries meet their growing energy needs without increasing pollution levels.
Solarpack’s three projects in the Chilean Atacama Desert, each of 10.5 MWp, include Pozo Almonte I (operational since 2015 and located in Tarapacá province), Calama Solar I (operational since March 2017) and Puerto Seco, which will start operating in June this year. The last two plants are in Calama. The electricity generated by the plants will be injected into the Norte Grande Interconnected System (SING or Sistema Interconectado del Norte Grande in Spanish).
The six Indian solar plants, located in the Indian state of Telangana, will enter operation between the second and third quarter of 2017, with a total capacity of 104 MWp. The state distribution companies TSNPDCL and TSSPDCL will buy the electricity produced for a period of 25 years, through a long-term power-purchase agreement. This is Solarpack’s first contract in India, and it is hoped that the plants will generate around 160 GWh a year.
Pablo Burgos, Solarpack’s CEO, commented: “Reaching financial close in such different geographical areas demonstrates once again the immense confidence that banks and international credit institutions have in Solarpack’s bankability, business model and management. This represents a new milestone for the company, which is pushing ahead with plans to expand its international presence and deepen its experience in the market it operates in."
Solarpack is planning to expand into new markets in America and Asia Pacific, with PV projects ranging from community supply plants to those aimed at large businesses.