Jenner Renewables Achieves Financial Close on a 146 MW Portfolio of Solar Projects in Chile

MADRID–(BUSINESS WIRE)–Jenner Renewables, an independent power producer focused on renewables
in Latin America, announced that it has reached financial close on a
portfolio of 12 solar projects in Chile totaling 146 megawatts (MW).

Built in two phases, the portfolio’s first phase totals 46 MW and is
expected to reach commercial operations in Q3 2018 while its second
phase, totaling 100 MW, is expected to reach commercial operations by Q1
2019.

“As an independent power producer operating throughout Latin America, we
are very excited to contribute in such a significant way to the
development of renewable energy in Chile. This country is at the
forefront of implementing a carbon free electricity system by 2040 and
our projects definitely support this strategy,” said Jorge Calvet,
Founder and CEO of Jenner. “This is part of our renewable energy
pipeline of 1,500 MW, which we intend to develop over the next 3-4 years
in Chile, Mexico, Colombia, Argentina and other countries in the region.”

Located throughout the Sistema Interconectado Central (SIC) region, the
solar projects are supported by Chilean Small Distributed Generators'
(PMGD) pricing mechanism that provides a long-term stream of stable cash
flow to the projects. Projects under the PMGD scheme are connected to
distribution networks and bring generation closer to consumption,
thereby achieving a key strategic goal for the country’s power system.
The PMGD pricing mechanism also ensures that while the price received by
the generator is stable, it is also reflective of the overall cost of
electricity in the system and as a result is cost neutral over the long
term to system participants.

Arranged by Deutsche Bank, the financing structure for the portfolio
enables Jenner to finance each separate project on a non-recourse basis
under an aggregation facility as each project reaches ready-to-build
stage.

Jenner’s solar portfolio will displace 120,000 tons of CO2 per year in
Chile and produce 324 gigawatts (GW) per year, enough to power more than
43,000 Chilean households annually.

“Jenner’s 146 MW Chilean solar portfolio enhances Denham’s renewables
footprint across Latin America, adding to the 485 MW of wind projects
currently operating or under construction in our Rio Energy platform in
Brazil,” said Denham Capital Managing Director Saurabh Anand. “In
addition to Chile and Brazil, we continue to see significant growth
opportunities in Mexico, Colombia and Argentina, and look forward to
further building out our firm’s renewable portfolio in Latin America.”

About Jenner Renewables

Jenner Renewables is a portfolio company of funds managed by Denham
Capital, a leading global energy-focused private equity firm with more
than US$9.0 billion of invested and committed capital across 10 fund
vehicles. Jenner Renewables’ goal is to develop, finance, construct and
opportunistically acquire renewable power generation assets across
Spanish speaking Latin America.

About Denham Capital

Denham Capital is a leading energy and resources-focused global private
equity firm with more than $9.0 billion of invested and committed
capital across 10 fund vehicles and offices in London, Boston, Houston,
São Paulo and Perth. The firm makes direct investments in the energy and
resources sectors, including businesses involving power generation, oil
and gas, and mining, across the globe and all stages of the corporate
lifecycle. Denham’s investment professionals apply deep operational and
industry experience and work in partnership with management teams to
achieve long-term investment objectives. For more information about
Denham Capital, visit www.denhamcapital.com.

Contacts

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