EDF and Ibereólica close agreement for US$229M to expand wind farm

The amount from three international banks will allow the operation to refinance liabilities and add 60 MW to its installed capacity.

EDF Renewables Chile, a French company, and Spain’s Ibereólica Renovables Group have reached an agreement to finance the expansion of the Cabo Leones I Wind Farm in northern Chile’s Atacama Region.

The financing of US$229 million from three international banks will permit the refinancing of the Cabo Leones I Wind Farm, which has been in operation since 2017, and also includes US$50 million for an expansion of the facility, incorporating 12 new wind turbines that will add 60 MW to its current installed capacity of 115.5 MW.

This will give the Cabo Leones I Wind Farm a total renewable electricity generation capacity of 500 GWh per year, enabling it to supply the needs of 163,000 households and avoid the emission of 349,000 tonnes of CO₂.

Jean-Christophe Puech, CEO of EDF Renewables Chile, indicated that “we are happy to close this financing, which will allow us to continue growing the potential of the Cabo Leones I Wind Farm for the development of a clean renewable energy matrix for the Atacama Region.”

Gregorio Álvarez, president of Ibereólica Renovables Group, said in a statement that “this financing decisively contributes to positioning the Cabo Leones I Wind Farm as one of the largest wind farms in Chile and one of the first wind farms in the world to install the 5 MW SG 145 wind turbine which corresponds to one of the latest technological platforms developed by Siemens Gamesa.”

For more information about Green Hydrogen, Solar projects and investment opportunities in Chile, see this article. 

Source: Diario Financiero