Mainstream Renewable Power Secures EUR90 Million Trade Finance Facility

Energy Press Releases Wednesday January 16, 2019 15:00
DUBLIN--16 Jan--PRNewswire/InfoQuest
  • New corporate debt facility will accelerate international growth

Mainstream Renewable Power, the leading global developer of wind and solar power plants, has today announced the closure of a new EUR90 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.

(Logo: https://mma.prnewswire.com/media/686512/Mainstream_Renewable_Power_Logo.jpg )

The EUR90m 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 EUR200 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 Renewableswind 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.

Contact:
Emmet Curley, Head of Corporate Communications
Phone: +353-86-2411-690
Email: emmet.curley@mainstreamrp.com
Source: Mainstream Renewable Power

Latest Press Release

LONGi Solar achieves top-performing AA-rating status in new PV ModuleTech Bankability rankings

LONGi Solar, a subsidiary of LONGi Green Energy Technology Co., Ltd, has achieved AA-Rating status, in the first quarterly release of PV-Tech's new PV ModuleTech Bankability Ratings. LONGi Solar is one of only four solar photovoltaic (PV) module...

Thailand and Germany kick-start efforts to increase the climate resilience of communities at Sakaekrang river basin

The Office of the National Water Resources (ONWR) with support from the Deutsche Gesellschaft fuer Internationale Zusammenarbeit (GIZ) GmbH organised a launch of their joint project activities under the Thai-German Climate Programme - Water (TGCP –...

Risen Energy#s USD 467 million high-efficiency heterojunction project in Ninghai, China commences construction

On August 19, Risen Energy Co., Ltd. held a groundbreaking ceremony for its 2.5GW high-efficiency heterojunction cell and module project in Ninghai, a county within the city of Ningbo, Zhejiang province. On the same day, several other major projects...

First Training on the Safe Use and Handling of Flammable Natural Refrigerants in Air Conditioners Launched in Thailand

Mongkut's University of Technology North Bangkok (KMUTNB), the Electricity Authority of Thailand (EGAT), and the Deutsche Gesellschaft fuer Internationale Zusammenarbeit (GIZ) GmbH joined up to launch the "Grand Opening of First R Training: Safe Use and...

UPDATE: Venture Global Announces Final Investment Decision and Financial Close for Calcasieu Pass LNG

Venture Global LNG, Inc. is proud to announce the final investment decision (FID) and closing of the project financing for the company's Calcasieu Pass LNG facility and associated TransCameron pipeline in Cameron Parish, Louisiana. The proceeds of the...

Related Topics