Financing Grows EnfraGen’s Energy Transition Investment in Latin America
NEW YORK and SANTIAGO, CHILE – June 15, 2021: EnfraGen, LLC (“EnfraGen”), a developer, owner, and operator of specialized sustainable and renewable power and grid stability assets in Latin America owned by Glenfarne Group, LLC (“Glenfarne”) and leading global private markets firm Partners Group, on behalf of its clients, announced today a USD 200 million non-recourse financing for EnfraGen’s greenfield solar photovoltaic (“PV”) portfolio in Chile, with an option of an additional USD 40 million upsizing via an accordion feature. The transaction was executed through EnfraGen’s renewables division, Fontus Renewables.
The proceeds from the financing will be used to fund the construction, acquisition, operations and maintenance of projects totaling approximately 237 MWdc / 175 MWac.
Ed Diffendal, Managing Director of Private Infrastructure Americas at Partners Group, commented, “EnfraGen continues to transform the Latin American power sector through its premier renewable power and grid stability platforms providing both power stability and reliable clean solar power to communities across Chile. Partners Group looks forward to further supporting EnfraGen’s growth and leadership in the energy transition to a more sustainable future.”
“The beneficial terms of this financing reflect the quality of the projects, support of our banking relationships and the market’s increasing confidence in EnfraGen as a leading developer and sponsor in the region,” said Bryan Murphy, President of EnfraGen and Managing Director at Glenfarne Group. “We continue to see significant growth potential in Chile in 2021 and beyond, as EnfraGen continues to support Chile’s energy transition and becomes a pre-eminent power business in Latin America.”
Brendan Wolters, Head of Solar for Fontus Renewables said, “Chile provides consistent and reliable regulation that allows for investment in renewable energy, and we are happy to grow our platform in Chile as it continues its energy transition to renewable power.”
Lenders financing the transaction include Banco de Crédito e Inversiones (“BCI”), BNP Paribas, DNB Bank ASA and Sumitomo Mitsui Banking Corporation (“SMBC”). White and Case and Claro y Cia acted as borrower’s counsel and Milbank and Garrigues represented the lenders.
BCI also provided VAT financing for Fontus Prime Solar SpA, with Dentons acting as lender’s counsel.
About EnfraGen, LLC
EnfraGen is a developer, owner, and operator of grid stability and value-added renewable energy infrastructure businesses across Latin American investment-grade countries. EnfraGen’s grid stability assets supply flexible capacity and energy to local and regional grids in support of renewable power plant intermittent energy production. EnfraGen’s renewable plants are smaller scale, distributed solar photovoltaic and hydroelectric assets that take advantage of unique access points to electrical infrastructure or are located in optimized geographical locations. The business’ mission is to support the transition to zero-carbon emission electric grids.
EnfraGen is jointly controlled by Glenfarne Group, LLC, and global private markets firm Partners Group, on behalf of its clients, and has operational and in-construction assets across its subsidiaries totaling over 1.7GW of installed capacity in operation. The company, including its affiliates and subsidiaries, is supported by a team of approximately 325 professionals. EnfraGen maintains offices and assets in Chile, Panama, Colombia, and the United States.
About Glenfarne Group, LLC
Glenfarne is a privately held energy and infrastructure development and management firm based in New York City and Houston, Texas with offices in Dallas, Texas, Panama City, Panama; Santiago, Chile, and Bogota, Colombia. Glenfarne’s seasoned executives, asset managers, and operators develop, acquire, manage, and operate energy and infrastructure assets throughout North and South America and Asia. For more information, please visit www.glenfarnegroup.com.
About Partners Group
Partners Group is a leading global private markets firm. Since 1996, the firm has invested over USD 145 billion in private equity, private real estate, private debt and private infrastructure on behalf of its clients globally. Partners Group is a committed, responsible investor and aims to create broad stakeholder impact through its active ownership and development of growing businesses, attractive real estate and essential infrastructure. With over USD 109 billion in assets under management as of 31 December 2020, Partners Group serves a broad range of institutional investors, sovereign wealth funds, family offices and private individuals globally. The firm employs more than 1,500 diverse professionals across 20 offices worldwide and has regional headquarters in Baar-Zug, Switzerland; Denver, USA; and Singapore. It has been listed on the SIX Swiss Exchange since 2006 (symbol: PGHN). For more information, please visit www.partnersgroup.com or follow us on LinkedIn or Twitter.
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