New corporate debt facility will accelerate international growth
DUBLIN, Jan. 16, 2019 /CNW/ - Mainstream Renewable Power, the leading global developer of wind and solar power plants, has today announced the closure of a new €90 million Trade Finance Facility with DNB and HSBC. The agreement represents one of the largest corporate debt raises in Mainstream's history and will be used in addition to Mainstream's significant existing resources to support bid bonds, performance bonds, and equity commitments for Mainstream's projects globally.
The €90m Trade Finance Facility is funded equally by DNB and HSBC. Mainstream has the option to bring new lenders into the Trade Finance Facility to allow an increase in size to €200 million, subject to approval. Mainstream expects the first use under the new facility will be to support the Group's equity commitments to construct the 569MW Condor Portfolio in Chile, which is the first phase of its wholly-owned 1.3 GW Andes Renewables Platform of fully contracted wind and solar projects.
Commenting on the announcement, Andy Kinsella, Mainstream's Group Chief Executive, said: "We're very pleased to have secured this significant agreement with DNB and HSBC. This global facility gives us the freedom to pursue large-scale development opportunities around the world. First up, it will help us to fund the first phase of our fully-contracted 1.3 gigawatt Andes Renewables wind and solar platform in Chile, where our assets are ensuring renewable energy continues to outcompete both new and existing fossil fired generation."
Sven Bakken, Head of Power and Renewables - DNB Bank ASA, said: "As a leader within the renewable sector, DNB is proud to support the growth of Mainstream Renewable Power. DNB is deeply committed to support the green shift globally, and with Mainstream we are confident we are contributing in a positive and sustainable way."
Michael Lalor, Head of Corporate Banking Ireland - HSBC, commented: "HSBC is delighted to support Mainstream Renewable Power, one of Ireland's great success stories on the global renewable energy stage. The facility will initially support the development of a significant portfolio of renewable energy assets in Chile and is a very positive step forward in advancing our global green credentials while also highlighting the strength of our network and trade finance expertise."
About Mainstream Renewable Power
Mainstream Renewable Power is the leading global developer of utility-scale wind and solar power plants in high-growth markets. The company is focused on delivering a high-quality portfolio of more than 9 gigawatts of wind and solar assets across Latin America, Africa and Asia. In Chile, Mainstream owns 1.3 GW of fully contracted wind and solar projects due to its unprecedented success in government auctions. Globally, the company has delivered more than 800MW of wind and solar assets into commercial operation and is currently constructing a further 707MW. Mainstream is developing the largest wind farm in South East Asia in Vietnam as well as projects in the Philippines.
Mainstream has raised more than EUR1.8bn in project finance to date and employs 200 staff across four continents. The company has developed the world's largest offshore wind projects; the Hornsea 1 and Hornsea 2 projects in the UK.
SOURCE Mainstream Renewable Power
For further information: Emmet Curley, Head of Corporate Communications, Phone: +353-86-2411-690, Email: [email protected]