Solek closes $379 million financing for Chile solar projects

Solek has connected a total of 53 solar PV projects since 2010, of which 18 are in Europe and 35 are in Chile. Solar energy group Solek has closed $379 million of financing for a project in Chile consisting of solar photovoltaic utility-scale and PMGD plants located in the country's Central Region.

The financing, raised through the United States Private Placement market, consists of $178 million in senior private placement, $75 million in mezzanine debt, $55 million as PMGD bridge-loan facility, $37 million as utility-scale bridge loan, $19 million LC Facility, and $15 million in a VAT line, Solek said in a release.

PMGD, short for "Pequeños Medios de Generacion Distribuida" or Small Means of Distributed Generation, are small-capacity power generation plants connected to Chile's distribution or transmission networks. Most such plants – which benefit from the government framework – are between 500 kW and 9 MW and usually run on renewable sources.

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Solek has connected a total of 53 solar PV projects since 2010, of which 18 are in Europe and 35 are in Chile. The company currently has more than 38 projects set to come up in Chile over this year and the next, adding to a portfolio that spans 284 MW. In Europe, the company has solar PV projects of 1.4 GW capacity in the pipeline, with projects in Romania and Greece at the most advanced stage and expected to be connected next year.