Rame nails Santander $69m for Chile
UK- based developer Rame Energy has signed an agreement with Santander Investment Chile for up to $69m of equity financing for the company's next four wind projects in Chile, totalling 118MW.
Under the terms of the agreement, Santander would acquire each project for an already-agreed price per MW and provide between 80% and 90% of the required equity capital for the development.
The four projects are due to commence commercial operations by the end of December 2015 at the latest.
Santander also co-financed Rame's first two wind projects in the country, the Raki and Huajache wind farms totalling 15MW. Both will use Vestas turbines and remain on track to become operational in the fourth quarter of 2014.
The latest deal forms part of the company's goal of "having in excess of 100 MW of power generating capacity in operation in Chile by the end of 2015", says Tim Adams, Rame CEO.
Rame Energy – which made its debut on the London Stock Exchange earlier this year – plans to install 300MW in Chile by 2017.