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CVE Chile arranges US$37 million in financing for 11 projects with a total capacity of 33 MW

2018-10-25T17:53:37+00:0022 January 2018|Press releases|

Marseilles, 22 January 2018. CVE Chile is a Chilean subsidiary of the Cap Vert Energie group. Advised by Deloitte Corporate Finance, CVE Chile has signed a financing agreement for 29.5 million dollars plus a 7.5 million dollar VAT funding facility with Banco Security. This is for the development of 11 solar power plants, each with a generating capacity of 3 MW. Three of the plants are in operation. Two are under construction and work is ready to begin on three more. At least, the company is in the process of obtaining the final permits for the remaining three. These plants are located in the Quinta, Sexta and Metropolitana areas. They are being built under the Chilean government’s PMGD scheme (from its acronym in Spanish, Pequeños Medios de Generación Distribuida). It aims to encourage the development of small (sub-9 MW) power generation plants. This funding will enable CVE Chile to become a key player in the PMGD sector in Chile.

“This financing consolidates our long-term presence in Chile and our leading position in the PMGD market. Chile appreciates the importance of decentralized renewable energy sources. We expect to have a total operating capacity of 200 MWp by 2022″, announced CVE Chile’s CEO, Pierre Boulestreau.

CVE Chile was assisted by Deloitte Corporate Finance, acting as its exclusive financial adviser and leading the entire process of sourcing and signing the financing agreement with Banco Security. This 17-year senior loan provides CVE Chile with the financial resources it needs to complete and operate its portfolio of 11 solar projects in Chile over the long term. The deal also confirms Banco Security as one of the key players in the Chilean banking sector for the financing of PMGD projects, having financed or committed funding to more than 36 non-conventional renewable energy projects in the last two years. Banco Security began investing in the energy industry over four years ago, since when it has provided financial support to projects throughout Chile with a combined installed capacity of more than 900 MW.

Incorporated just two years ago, CVE Chile develops, builds and operates power plants in the Santiago region, where the greatest demand for electricity is concentrated. The company currently operates three generating plants and has a further two under construction.

CVE Chile’s strategy is in line with the Cap Vert Energie group’s vision of the renewable energy market, based on the decentralization of production and a direct energy sales model through private contracts, in response to the needs of businesses and local authorities. After a four year period of selling electricity via a stabilized pricing mechanism, CVE Chile will be able to sell its renewable energy directly to industrial companies in the Santiago region through private purchase agreements (PPA) or long-term energy purchase agreements.

  • Consulting:
    • CVE:
      • Financial: Deloitte Corporate Finance
      • Legal: Guerrero Olivos
      • Development: Systep
    • Banco Security:
      • Legal: Estudio de Abogados Morales & Besa
      • Technical: G-Advisory
      • Market: Antuko
      • Insurance: Marsh
About Cap Vert Energie: As an independent producer of renewable energy, Cap Vert Energie develops, finances, and builds solar power plants and biomethane units to operate them on its own for their entire lifespan. The Group’s goal is to provide sustainable responses to the energy and environmental needs of businesses and communities, in a direct energy sales model. Cap Vert Energie is certified ISO 9001:2008 and ISO 14001:2015 for all of its activities. Based in Marseille, with regional offices in Toulouse, Rennes, and Fontainebleau, Cap Vert Energie has an international presence in Africa and through its subsidiaries in Chile and North America. As of October 30, 2017, the fleet in operation and under construction totaled 100 MW of cumulative power, for projected energy sales of €28 million. The company employs 75 employees.www.cvegroup.com
About Deloitte: Deloitte refers to one or more of Deloitte Touche Tohmatsu Limited, a UK private company limited by guarantee (“DTTL”), its network of member firms, and their related entities. DTTL (also referred to as “Deloitte Global”) and each of its member firms are legally separate and independent entities. DTTL does not provide services to clients. Please see www.deloitte.com/about to learn more about our global network of member firms. Deloitte provides audit & assurance, consulting, financial advisory, risk advisory, tax & legal and related services to public and private clients spanning multiple industries. Deloitte serves four out of five Fortune Global 500® companies through a globally connected network of member firms in more than 150 countries bringing world-class capabilities, insights, and high-quality service to address clients’ most complex business challenges.
About Banco Security: Banco Security is the main asset of Grupo Security. It is a niche bank with a business focus on corporations, large and medium-sized businesses and high-net-worth individuals. Grupo Security is a diversified financial group comprising 13 companies structured under four main business areas, grouping subsidiaries and divisions with common business targets. These areas are financing, insurance, asset management and supplementary services. The group has been recognized for its high standards of customer service.