Rame Energy says that a financing deal it has signed with Santander will help it to realise its vision of becoming a leading independent power producer in Chile.
The UK-based firm has inked a framework agreement with Santander Investment Chile for up to $69 million of equity financing for four wind power projects in Chile totalling 118 MW.
It has also recently bought Beco, one of the UK's best-known designers and installers of solar energy systems.
Under its deal with Santander, Rame will contribute up to 20 per cent of the equity required for the four wind farms in Chile, and Santander the remainder. The four projects are scheduled to start operating by the end of 2015 and will add to Rame's existing 15 MW wind portfolion in the country.
Rame will have the option to buy Santander's equity in the wind farms on completion of the projects, and will be contracted by the bank to oversee construction.
"This framework agreement with Santander for the equity financing of our next 118 MW of wind projects in Chile represents an important milestone towards our goal of having in excess of 100 MW of power generating capacity in operation in Chile by the end of 2015," said Tim Adams, CEO of Rame.
Rame began construction on 15 MW of wind capacity in Chile - again financed through Santander - in May 2014. First power is expected in the fourth quarter of the year. The projects use Vestas wind turbines.
Rame announced in mid-June that it had bought Beco for £150 000.
Beco specialises in photovoltaic (PV) solar energy systems for domestic, commercial, marine and off-grid uses. In addition Beco installs wind turbines and is a distributer for Kingspan wind turbines as well as manufacturing its own range of solar charge controllers and specialist batteries.
The purchase of Beco will strengthen Rame's international energy consultancy business, which supplies power generation solutions to the industrial, mining and utility sectors, says the firm.
Sian Crampsie
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