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Chile's Stalled Solar Plant Works Toward 2019 Completion Date

By Brian Spaen

A thermal solar farm in Chile is hoping to avoid becoming a white elephant. EIG Global Energy Partners has taken on one part of the Cerro Dominador solar plant complex that’s only been paid a fifth of the way from its original developers. The thermal solar farm is more expensive than most currently built, but it has unique features that would help Chile if the facility is finally completed.

EIG took over the project after Abengoa SA, the original developers of the project, was heading toward bankruptcy. They were able to avoid filing for Chapter 11 as the Spanish division worked out a plan with its creditors to get out of $10 billion worth of debt. EIG received 50 percent of the stake and would provide $1 billion worth of credit to restart the project. 

According to Bloomberg, only $200 million was spent by Abengoa on the project, meaning there’s a construction debt of around $800 million. That’s the number EIG is seeking from international banks, and due to a high volume of interest, a deal is expected to happen before the end of the year.