IIC finances more than US$40 million in solar energy and SMEs in Chile
The Inter-American Investment Corporation (IIC) continues to increase its loan portfolio in Chile with the recent financing of a solar photovoltaic plant and a project to improve access to credit for small and medium enterprises (SMEs).
The IIC, acting on behalf of the Inter-American Development Bank (IDB), has financed an A-loan of US$19.7 million towards the construction of Los Loros solar photovoltaic plant, owned by the French company Solairedirect S.A.S. In addition, the IIC has mobilized additional financing from the Canada Climate Fund for the Private Sector in the Americas and the China Co-financing Fund, both managed by the CII, worth US$18 million and US$7 million, respectively. Proparco, the French Development Agency, has also contributed a senior loan of US$19.7 million.
Los Loros, located in the Atacama Desert, will generate 54 MWp of renewable energy to be sold entirely to the spot market of Chile’s Central Interconnected System (SIC). The project contributes to diversify the country's energy matrix, while avoiding the annual emission of 74,800 tons of greenhouse gases.
The IIC has also disbursed a loan of US$20 million to Tanner Financial Services in order to increase Tanner’s portfolio of SMEs in Chile and improve access to finance for such companies.
Thanks to the support of the IIC, Tanner is expected to finance more than 1,900 Chilean SMEs through factoring and leasing operations. This loan will increase the liquidity of the company, helping to diversify its funding sources and to better manage the flow of its factoring business. The contract provides funding for one year, renewable for an additional six, allowing Tanner to reach a suitable term in response to the needs of the SMEs.
About the Inter-American Investment Corporation (IIC)
The Inter-American Investment Corporation (IIC), a member of the Inter-American Development Bank (IDB) Group, is a multilateral development bank committed to supporting the private sector in Latin America and the Caribbean. The IIC finances sustainable enterprises and projects to achieve financial results that maximize social and environmental development for the region. With a current portfolio of $7 billion under management and 330 clients in 20 countries, the IIC works across sectors to provide innovative financial solutions and advisory services that meet the evolving demands of its clients.