Year: 2022

Winner: Chacao Plus

It took Generadora Metropolitana a while, but in August 2021 the company was finally able to
successfully close a complex funding package intended not only to improve its debt profile but
also to build Chile’s largest photovoltaic energy plant.
The $982 million credit facility and private placement of bonds was the largest non-recourse
financing last year in Chile. It earned the company awards for Infrastructure Financing of the
Year – Southern Cone and Power Financing of the Year.
“It was a long process, requiring several years of hard work, where we decided to look for the
best financial institutions, in different parts of the world, to raise the funds we need to
guarantee the future of the company,” says Mauricio Camaño, CEO of Generadora
Metropolitana.
The outcome of the effort was the closing of a $574 million credit facility, comprising a $305
million loan, a $74 million standby facility, and a $195 million revolving facility, provided by a
consortium of six banks. In addition, Generadora Metropolitana was able to sell $408 million
of private placement bonds, which were nabbed by investors Metlife and Allianz.
The company was advised throughout the process by Credit Agricole CIB, which was also one
of the lenders. The credit facilities have an 8-year maturity, and the bonds, 12.5 years. The
financial structure is widely hailed for its innovation, combining the monetization of cashflows
via power purchase agreements and existing assets with construction financing.
“It will help us ensure the financial viability of our portfolio of projects,” Camaño says.
Part of the proceeds has been used to boost greenfield investments such as CEME1, also known
as Chacao Plus. With a generation capacity of 480MW, it will be the largest photovoltaic plant
in Chile when completed. Another project will see the conversion of the Central Los Vientos
plant from diesel to natural gas, as part of Chile’s transition to greener energy sources.
“In only four years we have become the fifth largest generation company in Chile, with an
installed capacity of 750MW and a strong strategy to achieve future growth via nonconventional renewable energies,” Camaño says.
Generadora Metropolitana, which is co-owned by Chile’s AME (50%) and France’s EDF
(50%), speaks for 8% of Chile’s electricity market, according to Crédit Agricole

SPONSORS:
AME and EDF


BORROWER:
GM Holdings


FINANCIAL ADVISOR:
Credit Agricole


LEAD LEGAL ADVISORS:
Latham & Watkins, Milbank


SUPPORTING INSTITUTIONS:
Allianz, Banco de Credito e Inversiones BCI, Biobio Genera SpA [AME Shareholder], Black &
Veatch, CEME1 SpA, DNB, EDF Chile SpA [EDF Shareholder], Garrigues, GM Holdings
SA, GM Renewables Holdings SpA and Generadora Metropolitana SpA, ING, Larrain y
Asociados, Marsh, Metlife, MUFG, SMBC


All supporting financial institutions and law firms were transmitted to LatinFinance by the
award category winners. For updates please emai awards@latinfinance.com