Connor, Clark & Lunn Infrastructure (CC&L Infrastructure) and CarbonFree Technology announced the closing of approximately 360 million dollars in debt financing facilities for their portfolio of 53 utility-scale solar projects located in Chile.

The financings are comprised of a 19 million dollars letter of credit facility, a 71 million dollars bridge-loan facility which will be used to fund ongoing construction costs, and a 270 million dollars private placement facility whose proceeds will be used primarily to refinance existing bank debt and repay the bridge-loan facility once projects complete construction. The private placement issuance has been rated BBB+ by S&P and was well oversubscribed by a syndicate of large North American financial institutions. Natixis Corporate & Investment Banking (NCIB) acted as Lead Placement Agent and Green Issuance Coordinator for the private placement and as Sole Bookrunner, Sole Underwriter and Green Loan Coordinator for the bridge-loan and the letter of credit facilities.

The power generated by these projects is sold at stabilized prices under Chile’s Pequeños Medios de Generación Distribuidos (PMGD) program and is transmitted to the grid through transmission infrastructure owned by local distribution companies. The installed capacity of the portfolio of financed projects is close to 360 MW.