InterEnergy structures the refinancing of its existing portfolio in Chile through the first Private Placement of bonds (USPP)

January 2022

  • This pioneer placement in the Chilean market seeks the refinancing of 100% of the Group’s renewable assets in Chile, valued at US$48.2 million.
  • Since 2016, InterEnergy Group has a portfolio of 12 solar photovoltaic and wind energy projects in Chile, with a nominal installed capacity of 60MW, under the PMGD (Small Distributed Generation Means) regime.

Santiago, Chile. January 17th, 2022. InterEnergy Group, one of the largest providers of clean energy solutions in the Caribbean and Latin America, announced the first private placement of bonds (USPP) for the refinancing of a combined wind and solar PMGD portfolio in Chile, worth US $48.2 million, at a 16.8-year term.

Since 2016, InterEnergy Group has a growing portfolio of 12 solar and wind projects with a nominal installed capacity of 60 MW in Chile. These are at the 9MW level in the country, as means of generation whose excess power is less than or equal to 9,000 kilowatts, granting beneficial connection agreements to the distribution system and the option of choosing different energy price mechanisms.

With a “BBB-stable” rating, according to the risk rating agency Fitch Ratings, this operation was able to consolidate the debt at a holding level and use the Standby Letter of Credit (SBLC) model to finance reserve accounts.

“This innovative solution allows us to optimize the financing structure of our portfolio and our performance, in a strategic market for InterEnergy Group such as Chile, where we will continue to look for opportunities that fit our investment strategy,” said Andrés Slullitel, Corporate Financial Director of InterEnergy Group, who thanked all the parties involved in the successful closing of this agreement.

On his end, Jaime Zuazagoitia, general manager of InterEnergy Group in Chile, stated: “This agreement demonstrates the confidence of international investors in the solid Chilean electricity market, which drives InterEnergy to continue seeking new business opportunities.”

Mónica Lupiañez, Director of Renewables at InterEnergy Group, announced: “With this operation we consolidate our commitment towards a cleaner and more diversified generation in the solid Chilean renewable energy market, as part of our continuous work with sustainable development in the five countries where we operate. We have a mission to continue expanding our portfolio of renewables and operations in Chile, where we expect to grow significantly in the coming years.”

Specialist in energy and infrastructure, Andrés Onetto, acted as InterEnergy’s exclusive financial and rating advisor to structure this successful operation. The Milbank law firm and the legal advisors Latham & Watkin also participated as international advisors. Claro y Cía Abogados and Barros & Errazuriz participated at the local level, and Scotiabank as a banking entity. Last but not least, HSBC Global Asset Management participated as an investor, this being the first bilateral transaction for this entity in Chile.