Sonnedix is set to close on loans from multilateral and commercial lenders for a solar project in Chile this week after a years-long financing effort.
The Corporacion Andina de Fomento (CAF) and the Green Climate Fund (GCF) will be joined by co-lender Santander on the financing for the 143 MW Atacama solar project, says a person familiar with the project.
Sonnedix has been working on the deal since 2014, says the source.
CAF approved a $50 million 20-year senior loan to the project in December 2015 and submitted a funding proposal to GCF in June 2016, under which GCF would lend a further $48 million under similar terms. This had been approved by March 2017.
According to the funding proposal, another $42 million senior loan would be sought from other financial institutions, as well as an $8 million VAT facility. Sonnedix would provide the remaining $116 million investment for the $255 million project in the form of sponsor equity.
At the time, financial close was scheduled for August 2016 and the project was due to be brought online in 2017. The final terms of the deal, including the Santander loan, could not immediately be confirmed.
Spokespeople for Sonnedix in London and Santander in Santiago did not immediately respond to inquiries.
The Atacama solar project is the first phase of a proposed 250 MW facility.