Qualitas Energy has secured non-recourse financing of 286 million dollars (about 257 million euros) for its entire portfolio in Chile integrated into Qualitas Energy Fondo V (QE V). This portfolio totals 259 megawatts (MW) of renewable capacity and 840 megawatt hours (MWh) of battery storage, according to the specialized manager in clean energy investments.
The package, classified as green financing, includes non-recourse senior debt, various letters of credit facilities and a specific line intended to cover the VAT of the projects.
BNP Paribas and Banco Santander were involved in the transaction. BNP Paribas acted as sole structuring bank, global coordinator and green loan coordinator, while Banco Santander assumed the roles of administrative agent, joint lead arranger and joint bookrunner.
The financing extends over eight assets encompassing three renewable technologies: 66 MW of run-of-river hydroelectric plants already in operation, a 154 MWp solar photovoltaic project that integrates 840 MWh of battery energy storage systems (BESS) and 39 MW of onshore wind power.
The photovoltaic, storage and wind developments are currently under construction and are expected to reach commercial operation in 2028.
The company has highlighted that the portfolio has long-term power purchase agreements (PPA) with first-tier companies, which provides visibility over future cash flows and supports the agreed financing structure.
Qualitas Energy has had the legal advice of White & Case (New York) and Philippi Prietocarrizosa Ferrero DU & Uría (Chile), while Milbank (New York) and SCLB Abogados (Chile) have legally advised the financing entities involved.
Cristóbal Santa Cruz, "managing partner, co-chief investor relations officer, strategy & Chile" of Qualitas Energy, underscored that this transaction demonstrates the platform's capacity "to generate value through the integration of different technologies and the construction of diversified portfolios, taking advantage of the benefits of grouping hydroelectric, solar photovoltaic, storage and wind assets in a single financing structure".
"With the support of leading international banks, we continue to actively manage our assets throughout their entire lifecycle and drive the energy transition in Chile," he added.