Crédit Agricole CIB Advises Repsol and Ibereólica on a Greenfield Wind Energy Project in Chile

Rhea-AI Summary

Crédit Agricole CIB has successfully raised $118 million in project finance debt for the 165.3 MW Project Atacama, a greenfield wind farm in Chile, developed through a joint venture between Repsol and Ibereólica. The financing was oversubscribed, reflecting strong interest due to its tailored structure that maximizes debt against both contracted and merchant cash flows. This project is part of the joint venture's commitment to renewable energy and sets a benchmark for future developments. Crédit Agricole CIB has established a solid presence in Chile's renewable sector, with multiple advisory transactions since 2020.

Positive

• Successfully raised $118 million for Project Atacama.
• Financing structure tailored to maximize debt based on cash flows.
• Transaction was oversubscribed, indicating strong market interest.
• Joint venture aligns with commitments to renewable energy developments in Chile.

Negative

• None.

NEW YORK--(BUSINESS WIRE)-- Crédit Agricole CIB advised Repsol Ibereólica Renovables Chile SpA—a joint venture between Repsol Chile S.A. (‘Repsol’) and Ibereólica Renovables Chile S.A. (‘Ibereólica’)—on a $118 million project finance debt raise for the construction and operation of Project Atacama (the ‘Project’), a 165.3 MW greenfield wind farm in northern Chile. The Project benefits from a Long-Term Power Purchase Agreement with a sound counterparty.

The project finance structure was tailor made to maximize debt based on both contracted and merchant revenue cash flows, while keeping strong credit metrics. As a result, the transaction received significant interest from several banks and was oversubscribed.

Repsol and Ibereólica formed their joint venture in 2020 in order to develop, build and operate a portfolio of renewable assets in Chile. The joint venture is an integral part of both companies’ commitment to the clean energy space and plans to develop a significant solar PV and wind onshore power capacity in the region. Crédit Agricole CIB looks forward to supporting both companies with their clean energy ambitions.

“Crédit Agricole CIB is honored to have been trusted by Repsol and Ibereólica to raise a competitive financing package, which sets a valuable benchmark for the development of their joint venture in Chile,” said Mathieu Rousson, Managing Director with Crédit Agricole CIB’s Energy and Infrastructure Group – Latin America.

This is the fourth advisory transaction that Crédit Agricole CIB has closed in Chile over the past two years. In addition to Project Atacama, these include the 204 MW Cabo Leones II wind farm (owned by Ibereólica and Global Power Generation); the 101 MW San Pedro PV plant (owned by Global Power Generation); and Generadora Metropolitana’s 1.23 GW multi-technology energy platform. This transaction further solidifies Crédit Agricole CIB’s leadership position in the Chilean energy sector.

About Crédit Agricole Corporate and Investment Bank (Crédit Agricole CIB)

Crédit Agricole CIB is the corporate and investment banking arm of Credit Agricole Group, the 10th largest banking group worldwide in terms of balance sheet size (The Banker, July 2022). More than 8,900 employees across Europe, the Americas, Asia-Pacific, the Middle East and Africa support the Bank's clients, meeting their financial needs throughout the world. Crédit Agricole CIB offers its large corporate and institutional clients a range of products and services in capital markets activities, investment banking, structured finance, commercial banking and international trade. The Bank is a pioneer in the area of climate finance, and currently is a market leader in this segment with a complete offer for all its clients.

For many years Crédit Agricole CIB has been committed to sustainable development. The Bank was the first French bank to sign the Equator Principles in 2003. It has also been a pioneer in Green Bond markets with the arrangement of public transactions from 2012 for a wide array of issuers (supranational banks, corporates, local authorities, banks) and was one of the co-drafters of Green Bond Principles and of the Social Bond Guidance. Relying on the expertise of a dedicated sustainable banking team and on the strong support of all bankers, Crédit Agricole CIB is one of the most active banks in the Green bonds market.

For more information, please visit www.ca-cib.com

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Crédit Agricole Corporate and Investment Bank



Jenna Lee

Head of Communications for the Americas

Email: jenna.lee@ca-cib.com

Tel: +1 212 261 7328

Source: Crédit Agricole CIB

FAQ

What is Project Atacama funded by CRARY?

Project Atacama, funded by Crédit Agricole CIB, is a 165.3 MW greenfield wind farm in Chile.

How much financing did Crédit Agricole raise for Project Atacama?

Crédit Agricole raised $118 million for the financing of Project Atacama.

Who are the partners in the Project Atacama joint venture?

The partners in the Project Atacama joint venture are Repsol and Ibereólica.

What is the significance of the financing structure for Project Atacama?

The financing structure was tailored to maximize debt based on contracted and merchant cash flows, indicating strong credit metrics.

How has Crédit Agricole performed in Chile's energy sector?

Crédit Agricole has solidified its leadership in Chile's energy sector, completing multiple advisory transactions over the past two years.