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DEAL ANALYSIS: El Arrayán

06 June 2012

Chile is probably the best-placed country in Latin America to develop a vibrant wind sector. It has plentiful – though not always high-grade – wind resources, healthy utilities, and a capable banking sector. Conventional power projects – in good years – can expect to borrow at low spreads and for long tenors. Conventional generators can also expect healthy prices – particularly at peak demand – on the country’s merchant market. But project financings for Chilean wind projects have been few, and foreign sponsors are more likely to fund new construction on balance sheet. The reason for this comparative paucity of deals is the combination of a merchant wholesale market and a renewables incentive regime based on a renewables portfolio standard rather than a feed-in tariff. Chile is dependent on imported gas and coal for the bulk of its marginal power requirements, and large peak spikes in prices are common. Under...

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