Mainstream Renewable Power raised $580 million from seven different banks. The Cóndor portfolio is the first phase of the 1.3-Gigawatt platform Andes Renovables. The process reviewed methodology, technology, design, permits and performance
SANTIAGO, Chile -12 December 2019 – DNV GL, the world’s largest independent energy advisory, has successfully completed technical due diligence to support the finance of the Mainstream Renewable Power 571MW Condor portfolio in Chile. The process reviewed Mainstream portfolio´s methodology, technology, design, permits and performance.
DNV GL, acting as independent engineer, delivered a comprehensive technical and environmental review of the conditions of the wind and solar assets, which included a quantification of the risks and advice on how to reduce the project uncertainties and measures should be implemented to mitigate the impact of potential adverse events. Additionally, DNV GL advised on improvement areas for the portfolio to boost its results and management.
The Cóndor portfolio is the first phase of the 1.3-Gigawatt platform Andes Renovables and comprises three wind and one solar PV generation assets. Scheduled to be operational in 2021, the initial stage will generate enough sustainable electricity to power 680,000 Chilean homes.
DNV GL’s bankable review qualified the project to be a reliable and future proof investment to Banks. Mainstream Renewable Power raised $580 million from seven different banks, presenting DNV GL’s results. “Breaking ground at Mainstream’s 1.3GW Andes Renovables platform is a major milestone in our long-term commitment to bringing low-cost, clean energy generation to Chile,” said Andy Kinsella, Mainstream’s Group Chief Executive.
According to the Ministry of Energy of Chile, the Chilean electricity market has been evolving through the creation of regulations and standards in the last 20 years and, in the field of renewable energy, demanding goals were established in order to reduce the environmental impact of power generation. By 2035, the national power generation from renewable sources is expected to reach at least 60% and, by 2050, this value shall increase to 70%.
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DNV GL delivers world-renowned testing and advisory services to the energy value chain including renewables and energy management. Our expertise spans onshore and offshore wind power, solar, conventional generation, transmission and distribution, smart grids, and sustainable energy use, as well as energy markets and regulations. Our experts support customers around the globe in delivering a safe, reliable, efficient, and sustainable energy supply.