Miami based Atlas Renewable Energy has recently issued a green bond of USD 253 million (EUR 227.7) in order to refinance a working solar photovoltaic (PV) park in Chile- Javiera.
Sources allege, the notes were presented by subsidiaries of Atlas Renewable Energy to refinance the two solar projects. Norway’s DNB Markets, part of DNB Bank ASA, played a significant role by being the lead placement agent for the notes. The bond is issued as green and rated investment grade. The BBB rating is assigned by Fitch Rating.
The current Javiera facility is a fully operational 70-MWp asset. It provides clean energy under a Corporate PPA with Minera Los Pelambres. Sources reveal, Javiera has been operating under a power purchase agreement (PPA) with Chilean copper miner Minera Los Pelambres since 2015.
The 244-MWp Sol del Desierto PV greenfield project on the other hand is developed by Atlas Renewable Energy and is presently under construction. The two solar PV generation assets are in the Atacama and Antofagasta regions in the north of Chile, and together they produce total installed capacity of 314 MWp.
Reports suggest both the projects have a combined financing portfolio. This further presents investors with structural benefits, synergies of cross-collateralised assets and cross-guaranteed cash flows.
Sol del Desierto will be using a bifacial technology and is anticipated to provide clean energy to Engie Energia Chile S.A by 2022. The technology assists in collecting sunlight not only from the front side but also from the rear side in order to help maximize generation.