Crédit Agricole CIB Advises and Finances Innovative $980 Million Multi-Technology Chilean Energy Platform
04 Octubre 2021 - 8:00AM
Business Wire
Crédit Agricole CIB advised and financed a $980 million project
finance deal for Chilean energy platform GM Holdings S.A.
(Generadora Metropolitana), a 1.23 GW multi-technology energy
platform providing 8% of the Chilean electricity market. The
financing was the largest non-recourse transaction in Chile this
year.
Generadora Metropolitana is the fifth largest generator by
capacity in Chile and is jointly owned by EDF, the world’s leading
energy producer as measured by net installed capacity and
electricity generation, and AME, an independent Latin America power
company. The jointly owned company currently supplies electricity
on a 24-hour basis to regulated users of 23 Distribution Companies
in an amount up to 4,000GWh per annum, which equates to 8% of the
Chilean regulated electricity market.
Proceeds of the financing will go toward refinancing the
Company's existing debt, funding the construction of Generadora
Metropolitana’s flagship 480MWp photovoltaic plant (the largest in
Chile) and to convert the 132MW Los Vientos diesel-fired plant to
natural gas. The resulting electricity generation mix fits within
Chile's efforts to transition toward more renewables while
simultaneously replacing its coal generation with other baseload
technologies such as natural gas.
The financing was innovatively structured under a project
finance structure with strong credit metrics, combining a
monetization of the cash flows from Generadora Metropolitana’s
existing assets and contracts with a construction financing.
The issue received robust interest among banks and institutional
investors and was oversubscribed.
Crédit Agricole CIB acted as Financial Advisor, Note Rating
Advisor, sole Global Note Coordinator, Hedge Advisor &
Coordinator as well as Coordinated Lead Arranger and Hedge
Provider.
This is the third transaction that Crédit Agricole CIB advised
and closed this year in Chile. Previous closings included the 204MW
Cabo Leones II wind farm, owned by Spanish power producers Grupo
Ibereólica and Global Power Generation, and the 101 San Pedro PV
plant, owned 100% by Global Power Generation. This transaction
solidifies Crédit Agricole CIB’s leadership position in this
market.
About Crédit Agricole Corporate and Investment Bank (Crédit
Agricole CIB)
Crédit Agricole CIB is the corporate and investment banking arm
of Credit Agricole Group, the 12th largest banking group worldwide
in terms of tier 1 capital (The Banker, July 2021). Nearly 8,600
employees across Europe, the Americas, Asia-Pacific, the Middle
East and Africa support the Bank's clients, meeting their financial
needs throughout the world. Crédit Agricole CIB offers its large
corporate and institutional clients a range of products and
services in capital markets activities, investment banking,
structured finance, commercial banking and international trade. The
Bank is a pioneer in the area of climate finance, and is currently
a market leader in this segment with a complete offer for all its
clients.
For many years Crédit Agricole CIB has been committed to
sustainable development. The Bank was the first French bank to sign
the Equator Principles in 2003. It has also been a pioneer in Green
Bond markets with the arrangement of public transactions from 2012
for a wide array of issuers (supranational banks, corporates, local
authorities, banks) and was one of the co-drafters of Green Bond
Principles and the Social Bond Guidance. Relying on the expertise
of a dedicated sustainable banking team and on the strong support
of all bankers, Crédit Agricole CIB is one of the most active banks
in the Green bonds market.
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Crédit Agricole Corporate and Investment Bank
Jenna Lee Head of Communications for the Americas Email:
jenna.lee@ca-cib.com Tel: +1 212 261 7328
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