Soleir Secures $65 Million in Financing for First Chilean Wind Project

Israeli renewable energy company Soleir is advancing its first wind power project in Chile, named Calbuco, by securing up to $65 million in senior debt financing from DNB Bank as part of an international banking syndicate. The project, in which Soleir holds approximately 47.4%, will feature a 47.2 MW wind farm and an 80 MWh energy storage system. Construction commenced in early 2026, with grid connection anticipated in 2027. The total construction cost is estimated at around 270 million shekels. The financing package also includes an additional $6.3 million credit line for guarantees and VAT payments. The loan has a five-year term with interest rates tied to SOFR plus a margin of approximately 2.3% for the first four years, increasing to about 2.55% thereafter, with semi-annual principal and interest payments.

Soleir previously secured a binding power purchase agreement (PPA) for the Calbuco project in August 2025, covering approximately 11 years and ensuring a contracted revenue stream before grid connection. Post-operation, the company projects the full Calbuco project to generate average annual revenues of about 48 million shekels and EBITDA of 37 million shekels, based on 100% ownership. Alon Segev, CEO of Soleir, stated that the financing agreement, coupled with the PPA, marks a significant strategic milestone for the company's operations in Chile and its inaugural wind project there. He added that Calbuco is expected to connect to the grid in 2027, aligning with the planned connection of over 700 MW of additional capacity by the company around the same time.

The Chilean venture proceeds concurrently with Soleir's expansion in Europe. The company recently announced an agreement to acquire a solar portfolio in Poland totaling approximately 268 MW for an expected consideration of 175 million euros. Soleir will hold a 51% stake in the acquiring entity, with insurance partners holding the remaining 49%. This Polish portfolio is projected to yield annual revenues of around 27.6 million euros and EBITDA of 18.4 million euros in a full year of operation, also calculated on a 100% asset basis.