(Bloomberg) --
Mainstream Renewable Power Ltd., an Irish clean-energy developer, raised $620 million to build new wind and solar farms in Chile.
The money will go toward the second stage of the company's plan to build 1.3 gigawatts of renewable power projects in the country, according to a statement. It's an important development as Mainstream looks to sell a stake in the company.
Mainstream raised debt for the projects from a group of five banks -- Inter-American Investment Corp., KfW IPEX-Bank, DNB ASA, CaixaBank SA and Mitsubishi UFJ Financial Group Inc. It will fund three onshore wind farms and two solar parks with a combined capacity of 630 megawatts that the company plans to complete by 2022.
“The Andes Renovables platform is evidence of renewable energy infrastructure on a vast scale and comes at a vital time for Chile as the country looks to invest in a green and sustainable recovery from Covid-19,” said Mary Quaney, Mainstream's chief executive officer who was appointed last month to replace Andy Kinsella. Quaney was previously chief financial officer of the company.
The final phase of the pipeline is a 100-megawatt onshore wind farm that Mainstream expects to reach financial close in the first half of next year.
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