Czechia's Solek raises USD 379m for solar portfolio in Chile

Czech solar energy specialist Solek Holding has raised USD 379 million (EUR 353.2m) in total proceeds from a bond sale and other forms of borrowing to finance its solar photovoltaic portfolio in Chile and support expansion plans, the firm said on Tuesday.

Solek said that it has around 284 MW (direct current) of utility-scale and distributed generation solar in Chile, and more than 400 MW of projects in development stage in Latin America.

The firm raised around USD 178 million from a 20-year bond issuance in the United States Private Placement market. These proceeds will be used primarily to fund expansion plans and to refinance existing debt, Solek said.

It also secured a USD-75-million mezzanine facility, a USD-55-million bridge loan facility for distributed solar in Chile, locally known as PMGD, a USD-37-million utility-scale bridge loan, a USD-19-million letter of credit facility and a USD-15-million VAT line.

Solek has connected 53 solar plants since 2010, 35 of them in Chile and 18 in Europe. It says it currently has more than 38 projects lined up for construction in Chile in 2023 and 2024.

(USD 1.0 = EUR 0.932)

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