16. June 2023
The financing will enable the expansion of a portfolio of solar projects across Chile, with a total capacity of 286 MW. This portfolio, one of the largest of its kind in the country, encompasses a mix of small-scale, localized assets (29 distributed generation assets totaling 192 MW) and a large utility-scale project totaling 94 MW. As of today, 33% of the portfolio's total production capacity is operational, while the remaining 67% is yet to be built.
In its role as the exclusive lender for the mezzanine tranche of the financing, BlackRock drew on its extensive regional market knowledge and structuring expertise. The proceeds from the mezzanine will be used to leverage operational assets and will also partly fund the construction of greenfield projects within the portfolio.
“This collaboration opens up new horizons and allow us to actively support Chile’s transition, while seizing some of the promising opportunities in the Latin America energy market” said Luis Nunez, Head of the Latin America Infrastructure Debt Team.
"We take great pride in leveraging our deep expertise in renewable energies to actively contribute to Chile's energy transition through innovative financing structures, " said Ignacio del Rio, Director on BlackRock’s Infrastructure Debt Team. "As a fiduciary for our clients, our commitment lies not only in making a meaningful impact, but also in assisting our clients in achieving their financial objectives.”
Since 2010, SOLEK has connected a total of 53 PV solar projects, with 18 in Europe and 35 in Chile. The company has plans to construct more than 38 additional projects in Chile during 2023 and 2024.
"I believe this new collaboration is a testament to the trust BlackRock has in SOLEK and I appreciate it very much. This is the second major transaction following SOLEK's commitment to build up to 200 MWp of PMGD PV projects for BlackRock. This transaction represents another strategic step for SOLEK that will allow us to further develop our portfolio of solar projects in Chile and take full advantage of the renewable energy market opportunities in Latin America," said Zdeněk Sobotka, founder, and CEO of the SOLEK Group.
"We are proud to structure and close this unique Mezzanine financing with BlackRock in Latin America," said Diego Rausei, Chief Investment Officer for Latin America at SOLEK. "This deal will accelerate our growth and provide additional liquidity for SOLEK to continue developing renewable energy projects in the region.”
In an era of increasing focus on sustainable energy solutions, this portfolio carries the additional advantage of being 100% renewable, with localized assets, thereby reducing the strain on Chile’s transmission network.
About BlackRock
BlackRock's purpose is to help more and more people experience financial well-being. As a fiduciary to investors and a leading provider of financial technology, we help millions of people build savings that serve them throughout their lives by making investing easier and more affordable. For additional information on BlackRock, please visit www.blackrock.com/corporate
About SOLEK HOLDING SE
The SOLEK Group is a leading company engaged in the design, construction, and operation of solar power plants in Latin America and Europe. The company's clients include leading international investment companies, banks, funds, energy groups, and multinational companies. More information can be found here: www.solek.com/en
Media Contacts
Denise Kling
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(347) 712 – 2791
Kristýna Kušnieriková
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