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Overview

CDB provides $52 million loan for 33MW Negrete Cuel Wind Project

Commitments (Constant USD, 2023)$53,766,507
Commitment Year•2013Country of Activity•ChileDirect Recipient Country of Incorporation•ChileSector•EnergyFlow Type•Loan

Status

Project lifecycle

Completion

Pipeline: PledgePipeline: CommitmentImplementationCompletion

Timeline

Key dates

Commitment date
Feb 1, 2013
End (planned)
Sep 30, 2013
End (actual)
Feb 4, 2014

Geospatial footprint

Map overview

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This project involved the construction of the Cuel wind farm (el Parque eólico Cuel) in the Biobío region of Chile. The Cuel wind farm (el Parque eólico Cuel) is located 12 km west of Los Ángeles city. More detailed locational information can be found at: https://www.openstreetmap.org/relation/9963670#map=15/-37.5121/-72.4781

Stakeholders

Organizations involved in projects and activities supported by financial and in-kind transfers from Chinese government and state-owned entities

Funding agencies

State-owned Policy Banks

  • China Development Bank (CDB)

Receiving agencies

Joint Venture/Special Purpose Vehicles

  • AM Eolica Negrete SpA

Implementing agencies

Private Sector

  • Xinjiang Goldwind Science & Technology Co., Ltd.

Loan desecription

CDB provides $52 million loan for 33MW Negrete Cuel Wind Project

Interest type•Unknown

Narrative

Full Description

Project narrative

On February 1, 2013, financial close was reached on a deal in China Development Bank (CDB) entered into a $52 million senior project finance loan agreement with AM Eolica Negrete SpA -- a special purpose vehicle that is 90% owned by Mainstream Renewable Power Ltd., an Ireland-based renewable energy developer -- for the 33 MW Negrete Cuel Wind Project. The proceeds were to be used by the borrower for the construction and operation of a $70 million wind farm with a capacity of 33 MW, located 12 km west of Los Ángeles city in the Biobío region of southern Chile. Goldwind provided its GW87 1.5 MW wind turbines for the farm. The loan was issued in the absence of a Power Purchase Agreement (PPA) for the energy generated by the farm. Implementation had begun by February 2013, with operations expected to begin in September 2013. The wind farm began providing power on December 11, 2013 and began commercial operations on February 4, 2014.