Crédit Agricole CIB has provided a USD 619 million financing package to Generadora Metropolitana for a major renewable energy project in Chile, enhancing the country's shift toward sustainable energy.

Target Information

Crédit Agricole CIB has successfully supported Generadora Metropolitana (GM Group) in securing a significant financing package totaling USD 619 million. This funding is earmarked for the construction of one of the largest renewable energy projects in Chile, located in the Antofagasta region. The project entails the combination of 509 MW of battery energy storage systems (BESS) alongside 162 MWp of photovoltaic capacity. Notably, it will provide a 15-year Power Purchase Agreement (PPA), delivering 1,000 GWh per year to Codelco, the state-owned copper producer in Chile.

GM Group is a key player in Chile’s energy sector, jointly owned by EDF and AME. As the fifth-largest power generator in Chile, the company possesses a diversified portfolio of both conventional and renewable energy assets. Furthermore, GM Group is in the process of developing over 3.7 GW of new generation capacity and 10 GWh of battery energy storage solutions, positioning itself as an influential entity in Chile’s transition towards renewable energy.

Industry Overview

The renewable energy sector in Chile has experienced substantial growth in recent years, driven by the country's commitment to reducing carbon emissions and transitioning to cleaner energy sources