Spain's Solarpack has reached financial close on its 123 MW La Granja Solar project in Chile’s Atacama Desert, in the Pozo Almonte region.

KfW IPEX-Bank is providing a long-term loan of up to $91 million for the project, whose total cost is estimated at $114 million. KfW is also supplying related interest hedging.

Solarpack is the engineering, procurement and construction (EPC) and operations and maintenance (O&M) contractor for the project as well as its sponsor. The project is scheduled to commence operations this year.

The La Granja project has 19-year power purchase agreements with 25 regional distribution companies covering the period from 2021 until 2040. The remaining output will be sold spot.

Watson Farley & Williams and Larraín Rencoret Urzúa Abogados advised KfW on the deal.

(A version of this article first appeared on IJGlobal)

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