Deutsche Bank Trust & Agency Services partners with X-Elio Energy on Chilean solar plant
Deutsche Bank’s Trust & Agency Services business supported the financial close of Spanish solar developer and operator X-Elio’s US$40 million project financing of La Cruz, a 58 megawatt solar photovoltaic (PV) plant in Chile. The business was appointed to provide key administrative agency services for the financing facility provided by Norwegian bank DNB, including acting as account bank, collateral agent, and intercreditor agent
Located in the Northern Chilean commune of Maria Elena, the La Cruz solar plant is projected to generate enough power to meet the demand of 20,000 local homes and offset about 70,000 tonnes of carbon dioxide (CO2) emissions. The plant represents X-Elio’s second solar project as well as its second partnership with Deutsche Bank’s Trust & Agency Services business. Both organisations adopt sustainable standards in facilitating renewable energy project development.
The spread of the Covid-19 pandemic unexpectedly impacted the project timeline as rolling shutdowns, travel restrictions, and the shift to entirely remote working positions posed issues for all deal parties located in Spain, the United States, and Chile. Despite these challenges, E-Elio and DB were able to work seamlessly together maintaining regular communication and organisational processes, and successfully brought the project to financial close in late August.
“We are proud to support X-Elio’s solar project in Chile and to have this effective partnership in place. I believe it is a testament to the TAS business’s long history of project finance expertise, specifically in the renewable energy industry. Deutsche Bank is committed to environmental responsibility and is a strong supporter of the shift to a more carbon neutral economy that X-Elio is driving,” comments Brian Studdert, Head of Trust & Agency Services Americas at Deutsche Bank.