Proparco and Solairedirect have reached an agreement to finance the 54MW Los Loros Solar PV power project in Chile.
The Los Loros project, developed by Solairedirect, consists of the construction, operation and maintenance of a photovoltaic solar power plant with a total installed capacity of 54 MW located in the province of Copiapó, in the Atacama region, and its associated facilities which include a 6.78 km, 110 kV, transmission line. The PV plant is located approximately 6km southwest of the Los Loros village in the north of Chile. The plant will produce 115 Gwh sale power per year that will be entirely sold to the wholesale power market.
The project will be built and maintained under EPC and O&M contracts provided by Solairedirect Chile, the fully-owned subsidiary of Solairedirect SAS.
The total project costs of approximately US$114 million are financed by a syndicate of multilateral financial institutions led by the InterAmerican Development Bank in association with the China Fund, the Canadian Climate Fund and Proparco, a dedicated subsidiary of the French Agence Française de Développement.
The Lenders were represented by Norton Rose Fulbright LLP. The sponsor was represented by Chadbourne & Parke LLP and Astris Finance.