Project Finance Brief: Mytilineos Secures Financing for 588 MW Solar Portfolio

Mytilineos, a Greek industrial conglomerate, has reached the financial close for its 588 MW non-recourse solar park portfolio in Chile. The financing was secured from lenders BNP Paribas, Intesa San Paolo, Sumitomo Mitsubishi Banking Corporation, Rabobank, and Santander Chile. The financing consists of a construction and term facility of $315 million, a VAT facility of $30 million, and a $32 million letter of credit facility.

Nautilus, a New Jersey-based independent solar power producer, on behalf of its affiliate Nautilus U.S. Power Holdco, announced the acquisition of a 75.6 MW community solar portfolio consisting of 16 projects in Illinois. All the projects are expected to be operational between 2025 and 2027. The projects are expected to generate clean energy to serve the energy needs of around 10,000 homes and commercial businesses.

Genesis Energy, a New Zealand-based power and gas utility company, and its joint venture partner, FRV Australia, achieved the financial close of the 63 MW solar project, which is yet to be built in Lauriston on the Canterbury Plains, New Zealand. The solar project is on a 93-hectare site and, once operational, will power the equivalent of nearly 13,000 houses. The expected construction costs are approximately $104 million.

Public infrastructure finance company REC Limited has issued its inaugural yen-denominated green bonds of ¥61.1 billion (~$420.9 million) to finance renewable energy projects. Issued under its $10 billion Global Medium Term Notes Program, the proceeds from the bonds will be used to finance eligible renewable energy projects under its green finance framework and the guidelines of the Reserve Bank of India. The green bonds with five-year, 5.25-year, and 10-year tenures are issued at yields of 1.76%, 1.79%, and 2.20%, respectively.

ENI Plenitude, through its U.S. subsidiary Eni New Energy US, signed an agreement with EDP Renováveis, a renewable energy company, to acquire an 80% equity stake in a portfolio of operational solar projects in the U.S. The portfolio consists of the Cattlemen (Texas), Timber Road (Ohio), and Blue Harvest (Ohio) solar parks, having a total capacity of 340 MWac (478 MWdc), of which Plenitude acquired 272 MWac (382 MWdc).

Click here for reports and trackers on funding and M&A transactions in solar, energy storage, and smart grid sectors.

Read last week’s project finance brief.


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