The Inter-American Development Bank board of directors approved a loan to the Los Loros solar 54 MWP pv projects, developed by Solairedirect in northern Chile.

The project consists in a 54 MWp Photovoltaic solar energy project that will be located in Los Loros in Northern Chile. Solairedirect has been developing the project since its inception and is targeting to start construction in S1 2015. The project will sell energy on the Chilean spot market, being one of the few projects entirely financed on a merchant basis globally.

The contemplated financing includes a $26 million loan from the IDB, together with co-financing of $26 million provided by the China Fund and the Canadian Climate Fund, together with a B-loan tranche of up to $20 million. The financing is scheduled to close in H1 2015.

Astris Finance is acting as Financial Advisor to Solairedirect through commercial and financial structuring, negotiations, due diligence and documentation phases of the transaction. This project is the seventh solar transaction executed by Astris Finance in in the region, affirming the firm’s track record in the renewable energy sector particularly in the Americas.

Solairedirect is a major developer, constructor and operator of photovoltaic solar projects on a global scale. Since its creation in 2005, Solairedirect’s fundamental aim has been to generate solar power that is reliable, efficient, intelligent and, above all, competitive and that will become one of the world’s main energy sources.