SANTIAGO – Jenner Renewables, an independent power producer focused on renewables in Latin America, has reached financial close on its 146MW portfolio of 12 solar projects in Chile.
Built in two phases, the portfolio’s first phase totals 46 MW and is expected to reach commercial operations in third quarter of 2018 while its second phase, totaling 100 MW, is expected to reach commercial operations by first quarter of 2019, the PV-Tech reported.
Jenner Renewables founder and CEO Jorge Calvet said: “As an independent power producer operating throughout Latin America, we are very excited to contribute in such a significant way to the development of renewable energy in Chile.
“This is part of our renewable energy pipeline of 1,500MW, which we intend to develop over the next three-four years in Chile, Mexico, Colombia, Argentina and other countries in the region.”
Located throughout the Sistema Interconectado Central (SIC) region, the solar projects are supported by Chilean Small Distributed Generators’ (PMGD) pricing mechanism that provides a long-term stream of stable cash flow to the projects.
The projects are also connected to distribution networks for power generation and consumption.
Organized by Deutsche Bank, the portfolio’s financing structure helps Jenner to finance each separate project on a non-recourse basis under an aggregation facility, as each project reaches the ready-to-build stage.
Jenner Renewables’ portfolio of funds is managed by Denham Capital, a global energy-focused private equity firm.
The company’s solar portfolio will displace 120,000t of CO2 per year in Chile, produce 324 gigawatts (GW) per year and power more than 43,000 households annually.