Qualitas Energy secures $286m for Chilean renewables portfolio

Investment manager Qualitas Energy has secured a US$286 million non-recourse financing package covering its Chilean portfolio under Qualitas Energy Fund V.

The portfolio comprises 259MW of renewable-energy generation capacity and 840MWh of battery storage across eight assets.

The transaction combines the refinancing of Qualitas Energy’s operational assets with financing for the projects under construction.

The financing package consists of senior non-recourse project debt, letters of credit and a VAT facility.

BNP Paribas and Banco Santander provided the financing. BNP Paribas acted as sole structuring bank, global coordinator and green-loan coordinator, while Santander served as administrative agent, joint lead arranger and joint bookrunner.

Qualitas Energy said the portfolio structure allowed it to combine hydroelectric, solar, battery-storage and wind assets within a single financing arrangement.

White & Case and Chilean law firm Philippi Prietocarrizosa Ferrero DU & Uría advised Qualitas Energy. Milbank and SCLB Abogados acted for the lenders.