Qualitas Energy has secured non-recourse financing of 286 million dollars for its entire portfolio in Chile, integrated into Qualitas Energy Fondo V (QE V), according to the clean energy investment manager. The portfolio totals 259 megawatts of renewable capacity and 840 megawatt hours of battery storage.

The package has been classified as green financing and includes non-recourse senior debt, various letters of credit facilities and a specific line intended to cover the VAT of the projects.

The Assets Behind the Deal

The financing extends over eight assets spanning three renewable technologies. The portfolio includes 66 MW of run-of-river hydroelectric plants that are already in operation, a 154 MWp solar photovoltaic project that integrates 840 MWh of battery energy storage systems, 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.

Banking Roles in the Transaction

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.

Long-Term Agreements Support the Structure

Qualitas Energy highlighted that the portfolio has long-term power purchase agreements with first-tier companies, which the company says provides visibility over future cash flows and supports the agreed financing structure.

Legal Counsel on Both Sides

Qualitas Energy received legal advice from White & Case in New York and Philippi Prietocarrizosa Ferrero DU & Uría in Chile. Milbank in New York and SCLB Abogados in Chile advised the financing entities involved in the deal.

The Company's View

Cristóbal Santa Cruz, managing partner, co-chief investor relations officer, strategy & Chile at Qualitas Energy, underscored that the 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.

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