USD 147 million investment fund for 28 photovoltaic plants
Rockville Capital agreed with institutional and qualified investors, the creation of a USD 147 million fund in order to purchase of 28 small and medium photovoltaic plants (or PMGD, for its initials in Spanish, and which produce up to 9 MW each), called Fondo de Inversión Rockville Solar Energy I. Together, the PMGDs will add an installed capacity of 145 MW to inject into the national electricity system, being one of the largest renewable energy investment funds of its kind.
A few days after signing the contracts with the Fund’s investors, it acquired the first-generation plant, already in operation, the 2.4MW Catemu SpA Solar Plant. During the following months, the Fund will acquire, build, and operate through its subsidiaries the remaining photovoltaic plants, under the terms previously agreed by Rockville Capital with various developers.
The investors of the fund are Newfoundland Capital Management, a fund based in the United States of America (www.newfcap.com); Penta Vida Compañía de Seguros de Vida S.A (www.pentavida.cl), and local family offices. The Fund is administered by FYNSA Administradora General de Fondos.
Rockville Capital, led by its partners Andrés Cruzat, Rafael Cabello and Fernando Olave, had investment, corporate and energy legal advice provided by Federico Rodríguez, partner at Baraona Marshall & Cía together associates Andrés Maldini and Jorge Echeverría; Jaime de Larraechea, partner at Garrigues in Chile, advised Newfoundland Capital Management, together with associate José Tomás Lavín; Rodrigo Muñoz, partner at Alcaíno Abogados, advised Penta Vida. Fynsa was advised by its internal team, led by attorney Francisca Donoso.
The Fund consistently contributes to mantain Chile a relevant global player in clean energy. Currently, Chile produces over 60% of the solar energy in Latin America and has a national policy for the development of clean energy that has encouraged the development of non-conventional renewable energy projects (ERNC, for its initials in Spanish) and sustainable businesses such as this.