SunEdison developed the San Andres project, which reached commercial operation on 14 March, 2014, and will retain a partial equity position. It is the largest merchant solar power plant in Latin America and one of the largest such plants in the world.
In November, 2013, the project received $100.4m in non-recourse debt financing from the Overseas Private Investment Corporation (OPIC), the U.S. Government’s development finance institution, and International Finance Corporation (IFC), a member of the World Bank Group.
In addition to the debt financing provided by OPIC and IFC, the project received a Chilean peso denominated VAT facility from Rabobank equivalent to US $25.6m.
San Andres is distributing energy directly into the Central Interconnected System (SIC) and selling the energy on a merchant basis, with prices determined by the spot market instead of a long term off-take contract. The peak coincidence of solar irradiance and spot electricity prices makes solar PV a competitive alternative to traditional energy sources.
"Closing financing on the San Andres project is another important milestone as we continue to build our solar power project portfolio," said PJ Lee, managing partner of EverStream Energy Capital Management.
"As one of the largest solar merchant power plants in the world, this project will bring advanced solar generation technologies and advanced operation and management practices to Chile, while having a significant positive impact on the environment, local businesses and people."
