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Reden and Natixis close PMGD financing of solar PV projects in Chile
Reden Investments Chile SpA (“Reden Solar Chile”) and Natixis have successfully closed senior facilities totaling US$96.4 million for the up-to-100MW portfolio of solar PV plants in Chile (the “Reden Chile Solar PMGD Portfolio”). Reden Solar Chile is wholly-owned by affiliates of Reden, a French independent renewable power producer with more than 10 years of experience. This marks the second PMGD loan portfolio term financing arranged by Natixis, and one of the first such transactions closed in the international project finance market.
The Reden Solar PMGD Portfolio will consist of assets operating under Chile’s special regime for distributed generation projects (the “PMGD” regime). PMGD projects are entitled to be remunerated for their generation at a regulated stabilized price. The proceeds of the transaction are being used to finance solar PV projects. The financing structure provides Reden Chile with the flexibility to add additional solar PV PMGD projects to the portfolio, subject to meeting defined eligibility criteria.
Natixis acted as Sole Lead Arranger, Hedge Provider, and Administrative Agent and Natixis provided a firm underwriting for 100% of the transaction.
Through Reden Solar Chile, Reden has an increasingly strong presence in the Chilean electricity market, its main destination of investments outside Europe. This footprint in Latin America currently includes 60 MW in Mexico and 50 MW in Puerto Rico.
Reden Solar group is an independent renewable power producer focused on the development, construction and operation of photovoltaic solar plants in France and internationally. Created in 2008 in the Lot et Garonne region and present in Nimes (France) and Madrid (Spain), Reden Solar has undergone a strong growth due to the professionalism of its team. A leading player of the energy transition, Reden Solar, supported by its shareholders Infravia (53%) and Eurazeo (47%), continues to develop with more than 450 MW in operation all over the world at the end of 2018.
About Natixis
Natixis is a French multinational financial services firm specialized in asset & wealth management, corporate & investment banking, insurance and payments. A subsidiary of Groupe BPCE, the second-largest banking group in France through its two retail banking networks, Banque Populaire and Caisse d’Epargne, Natixis counts nearly 16,000 employees across 38 countries. Its clients include corporations, financial institutions, sovereign and supranational organizations, as well as the customers of Groupe BPCE’s networks. Listed on the Paris stock exchange, Natixis has a solid financial base with a CET1 capital under Basel 3(1) of €11.3 billion, a Basel 3 CET1 Ratio(1) of 11.4% and quality long-term ratings (Standard & Poor’s: A+ / Moody’s: A1 / Fitch Ratings: A+).
(1) Based on CRR-CRD4 rules as reported on June 26, 2013, including the Danish compromise - without phase-in
Figures as at 31 March 2020.
