Solair Secures $65 Million Financing for Calbuco Wind Project in Chile

Solair Renewable Energies announced the construction of the Calbuco wind project in Chile, featuring a total capacity of approximately 47.2 megawatts alongside about 80 megawatt-hours of energy storage. The project company, Energy Intersol Calbuco SpA, registered in Chile and 47.4% owned by Solair, has signed a binding financing agreement of approximately $65 million with DNB Bank, a leading global energy bank, as part of a financing syndicate including other global banks.

In August 2025, Solair signed a binding 11-year power purchase agreement for the project, with construction commencing in early 2026. The project is expected to connect to the electricity grid during 2027 and generate, at 100% ownership, average annual revenues of approximately 48 million shekels and an EBITDA of about 37 million shekels.

The project's construction cost is estimated at approximately 270 million shekels. Under the financing agreement, the banks will provide senior debt of up to approximately $65 million for construction, alongside a facility of up to approximately $6.3 million for guarantees and VAT payments. The loan will be repaid over five years, bearing an annual interest rate based on SOFR plus a margin of about 2.3% for the first four years and approximately 2.55% thereafter, with principal and interest payable in semi-annual installments.

Last month, Solair updated that it signed a binding agreement to acquire a solar portfolio in Poland with a total capacity of approximately 268 megawatts for an expected consideration of approximately 175 million euros. The transaction is executed through a Polish-incorporated acquiring company held 51% indirectly by Solair and 49% by Clal Insurance. In a full average operating year for all projects at 100% ownership, the portfolio is expected to generate revenues of about 27.6 million euros, an EBITDA of approximately 18.4 million euros, and an FFO of about 15.7 million euros.