oEnergy procures $87m financing for Chile solar development

The initial disbursement of the facility will finance two projects, Los Jotes and Las Bandurrias, located in the Valparaíso and Maule regions. Each project will have a total installed capacity of 3MW, and additional projects will be added to the facility in due course.

The portfolio consists of small-scale distributed generation projects operating under Chile's PMGD program, and which are entitled to be remunerated for their generation at a regulated stabilized price calculated by the Chilean National Energy Commission.

The PMGD program was created by the Chilean government in 2005 to encourage the development of distributed generation projects closer to end users.

CIFI, the lender, is a Panama City-based non-bank financial institution with extensive experience in financing infrastructure and energy projects in Latin America and the Caribbean.

oEnergy focuses on small-scale, turn-key and energy saving-type renewable power generation projects with capacities of between 2.5KW and 3MW.

oEnergy was represented in the transaction by Chilean law firm Guerrero Olivos, with a team led by partners Miguel Coddou, Sebastián Abogabir, and Felipe Frühling, with senior associates Benjamín Novoa and Francisca Pellegrini, and associates Matías Ríos and Sofía Middleton.

The company was represented in the US by Greenberg Traurig, whose team was led by partner Oscar Stephens, with associate Sean O’Bryan.

oEnergy’s in-house team comprised Gonzalo Paredes and Macarena Chacc.

CIFI was advised on the transaction by Clifford Chance, Carey and CIFI’s in-house legal department.