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.
- Financial: Deloitte Corporate Finance
- Legal: Guerrero Olivos
- Development: Systep
- Banco Security:
- Legal: Estudio de Abogados Morales & Besa
- Technical: G-Advisory
- Market: Antuko
- Insurance: Marsh