IIC finances Aela Energía wind projects in Chile
The Inter-American Investment Corporation (IIC), the private sector arm of the Inter-American Development Bank Group, closed a $135 million project finance loan to Aela Energía for the construction, operation and maintenance of three wind projects located in the Atacama, Los Lagos and Bio-Bio regions of Chile. With a combined installed capacity of 332 MW, the projects will help support the economic development of the country by contributing to the diversification of the Chilean energy matrix. The wind projects are expected to decrease thermal and hydro generation reliance by supplying approximately 907 GWh of electricity per year and reducing the country’s carbon footprint by displacing 590,798 equivalent tons of carbon emissions on average per year. As mandated lead arranger, the IIC provided its loan as part of a $410 million financing package in conjunction with Mitsubishi UFJ Financial Group, Sumitomo Mitsui Banking Corporation, Korean Development Bank, CaixaBank and KfW. Project financing will account for approximately 70 percent of the total financing for the projects, while the equity partners will provide the other 30 percent. Aela Energía, which is 60 percent owned by Actis and 40 percent owned by Mainstream, will build and operate the 170 MW Sarco and 129 MW Aurora projects, as well as own and operate the 33 MW Cuel project. About the Inter-American Investment Corporation (IIC) The Inter-American Investment Corporation (IIC), a member of the Inter-American Development Bank Group, is a multilateral development bank committed to supporting the private sector in Latin America and the Caribbean. The IIC finances sustainable enterprises and projects to achieve financial results that maximize social and environmental development for the region. With a current portfolio of $11 billion under management and 350 clients in 21 countries, the IIC works across sectors to provide innovative financial solutions and advisory services that meet the evolving demands of its clients.