Mainstream Renewable Power has closed a €90m trade finance facility with DNB and HSBC banks to support the development of wind and solar projects in Chile. The first use of the new facility, which could attract other lenders and rise to €200m, will be to support Mainstream's equity commitments in the 569MW Condor portfolio in the South American country. Condor is the first phase of the 1.3GW Andes renewables platform of contracted wind and solar projects, Mainstream said. Mainstream chief executive Andy Kinsella said: “We're very pleased to have secured this significant agreement with DNB and HSBC. “This global facility gives us the freedom to pursue large-scale development opportunities around the world. “First up, it will help us to fund the first phase of our fully-contracted 1.3GW Andes renewables wind and solar platform in Chile, where our assets are ensuring renewable energy continues to outcompete both new and existing fossil fired generation.” DNB Bank head of power and renewables Sven Bakken said: “As a leader within the renewable sector, DNB is proud to support the growth of Mainstream Renewable Power. “DNB is deeply committed to support the green shift globally, and with Mainstream we are confident we are contributing in a positive and sustainable way.” HSBC head of corporate banking Ireland Michael Lalor said: “HSBC is delighted to support Mainstream Renewable Power, one of Ireland's great success stories on the global renewable energy stage. “The facility will initially support the development of a significant portfolio of renewable energy assets in Chile and is a very positive step forward in advancing our global green credentials while also highlighting the strength of our network and trade finance expertise.”
Global renewable energy developer Mainstream Renewable Power has secured funding for its one MW Condor assets, the first phase of its 1.3GW Andes wind and solar platform in Condor . It followed the closure of a €90m ( €90m ) trade finance facility with DNB and HSBC banks. Mainstream said starting work on the Condor project could attract new lenders and boost the facility to €200m. CEO Ireland Michael Lalor said the firm's Chilean portfolio was helping renewable energy "outcompete both new and existing fossil-fired generation".