Mainstream Renewable Power, a global wind and solar development company, has secured an increase to its existing trade finance facility. The agreement sees its facility more than double to 200 million euros (US221.9 million), with the 110-million-euro increase led by ABN AMRO with a panel of international insurance companies acting as sureties.

These organisations join the existing facility led by DNB and HSBC, as parties to the agreement. RKH Speciality acted as broker in respect of the surety participations.

 Mainstream agreed a 90-million-euro trade finance facility late last year with DNB and HSBC which was, at the time, the largest corporate debt facility secured in Mainstream’s history.  

The larger facility will be used to support bid bonds, performance bonds, and equity commitments throughout the group. Mainstream expects the first usage under the new facility to be to support the group’s equity commitments in relation to the construction of its US$1.65 billion Andes Renovables portfolio in Chile, where it wholly owns 1.3GW of fully contracted wind and solar projects.

Mary Quaney, Mainstream’s chief financial officer and executive director, says about the trade finance facility, “It will help us to fund our transformational Andes Renovables portfolio in Chile. This 1.3GW portfolio is ensuring renewable energy continues to outcompete both new and existing fossil-fired generation, delivering firm power across Chile.”