EverStream Energy Capital Management And Claro Y Asociados Provide Equity
Financing For Largest Merchant Solar Power Plant In Latin America, Developed
BELMONT, Calif., March 31, 2014
BELMONT, Calif., March 31, 2014 /PRNewswire/ --EverStream Energy Capital
Management LLC ("EverStream"), an investment firm that specializes in energy
infrastructure, today announced that a group of investors, led by EverStream
and Claro y Asociados ("Claro"), and including SunEdison, has recently closed
on the 50.7 MWp solar power plant (known as "San Andres") located in the
Atacama Region of Chile, near the city of Copiapo.
SunEdison developed the San Andres project, which reached commercial operation
on March 14^th, 2014, and will retain a partial equity position. It is the
largest merchant solar power plant in Latin America and one of the largest
such plants in the world.
In November, 2013, the project received $100.4 million in non-recourse debt
financing from the Overseas Private Investment Corporation (OPIC), the U.S.
Government's development finance institution, and International Finance
Corporation (IFC), a member of the World Bank Group. In addition to the debt
financing provided by OPIC and IFC, the project received a Chilean peso
denominated VAT facility from Rabobank equivalent to US $25.6 million. This
landmark transaction was awarded the 2013 Latin American Solar Project Finance
Deal of the Year by Euromoney's ProjectFinance Magazine.
San Andres is distributing energy directly into the Central Interconnected
System (SIC) and selling the energy on a merchant basis, with prices
determined by the spot market instead of a long term off-take contract. The
peak coincidence of solar irradiance and spot electricity prices makes solar
PV a competitive alternative to traditional energy sources.
"Closing financing on the San Andres project is another important milestone as
we continue to build our solar power project portfolio," said PJ Lee, Managing
Partner of EverStream Energy Capital Management. "As one of the largest solar
merchant power plants in the world, this project will bring advanced solar
generation technologies and advanced operation and management practices to
Chile, while having a significant positive impact on the environment, local
businesses and people."
"Our Private Equity team is excited to announce the closing of this project,"
said Javier Contreras, Managing Director of Claro. "This transaction
leveraged Claro's unique combination of industrial and project finance
expertise to deliver renewable energy exposure for the sophisticated group of
investors involved. We are happy to have had the opportunity to partner with
EverStream and SunEdison on this landmark solar project, and look forward to
working together in the future."
"As one of Latin America's first merchant solar plants, The San Andres
merchant PV plant demonstrates that solar PV is already a competitive energy
source in countries likeChile," said Jose Perez, SunEdison Vice President and
Head of Europe and Latin America. "This project
reinforcesSunEdison'sleadership in the Latin American renewable energy
market and our commitment to clean energy industry development inChile. We
are very pleased to maintain a long term ownership stake in this project
alongside our investment partners, including EverStream and Claro."
The investment group was represented by Ashurst LLP, Guerrero Olivos Novoa y
Errázuriz, and Philippi Yrarrazaval Pulido & Brunner Ltda. Abogados.
SunEdison was represented by Claro & Cia.
About EverStream Energy Capital Management
EverStream Energy Capital Management is an investment firm that provides
equity and equity linked investments to energy infrastructure projects
worldwide and targets areas of the market underserved by most energy and
infrastructure funds. The EverStream team consists of professionals with a
unique blend of private equity, project finance, asset management, real estate
development, fund investment, investment banking and operations experience.
In addition to recent activity in Latin America, EverStream has financed over
128 MW of utility-scale solar projects in California and has secured a joint
development agreement on over 500 MW in Asia.
About Claro y Asociados
Claro y Asociadosis a leading financial services company involved in
corporate finance advisory and the administration of real and financial assets
for individuals, companies and institutions. The Claro team consists of
professionals with strong backgrounds in corporate finance, project finance,
private equity, asset management, real estate development and corporate
About SunEdison, Inc.
SunEdison is a global leader in semiconductor and solar technology.
SunEdison's semiconductor business has been a pioneer in the design and
development of silicon wafer technologies for over 50 years. With R & D and
manufacturing facilities in the U.S., Europe and Asia, SunEdison enables the
next generation of high performance semiconductor devices. Sun Edison's solar
business develops, finances, installs, and operates distributed power plants,
delivering predictably priced solar energy and services for its commercial,
government and utility customers. Sun Edison's common stock is listed on the
New York Stock Exchange under the symbol (NYSE:SUNE) To learn more visit
SOURCE SunEdison, Inc.; EverStream Energy Capital Management LLC
Contact: EverStream Energy Capital Management, LLC, Michael Grover, Managing
Director, +1 (952) 470-3977, firstname.lastname@example.org,
http://www.everstreamcapital.com/; Claro Y Asociados S.A., Javier Contreras,
Tel: +562 2499 7600, Email: email@example.com,
http://www.claroyasociados.cl/; SunEdison, Dawn Brister, 407-414-0526,
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