Repsol Ibereólica Renovables Chile, a joint venture (JV) of Repsol Chile and Ibereólica Renovables Chile, has secured financing for Project Atacama, a greenfield wind farm located in northern Chile.

The JV has raised $118m for the construction and operation of the 165.3MW wind farm, which already has a long-term power purchase agreement in place.

In 2020, Repsol and Ibereólica created the JV with the aim of developing, building and operating a portfolio of renewable assets in Chile.

The JV supports both companies’ commitments towards a clean energy space and plans to build a ‘significant’ amount of solar PV and onshore wind capacity in the region.

Corporate investment banking firm Crédit Agricole CIB advised Repsol and Ibereólica on the $118m transaction.

Crédit Agricole CIB Latin America Energy and Infrastructure Group managing director Mathieu Rousson said: “Crédit Agricole CIB is honoured to have been trusted by Repsol and Ibereólica to raise a competitive financing package, which sets a valuable benchmark for the development of their joint venture in Chile.”

The project finance structure was customised to maximise debt on contracted and merchant revenue cash flows while maintaining credit metrics.

With this transaction, Crédit Agricole CIB intends to support both companies’ clean energy goals.

It is the fourth deal the banking firm has closed in Chile over the past two years.

Crédit Agricole CIB previously advised Ibereólica and Global Power Generation for their 204MW Cabo Leones II wind farm, as well as for Generadora Metropolitana’s 1.23GW multi-technology energy platform.

The company said its latest transaction bolsters its position in the Chilean energy sector.

In January last year, Repsol and Ibereólica Renovables announced the shipment of nacelles for the Cabo Leones III wind farm in Chile.

The nacelles have been used for the project’s 22 Siemens Gamesa SG 145 5MW wind turbines.