California-based renewable energy development firm Pattern Development has secured US$205mn of financing for its Conejo solar project in Chile.

When contacted by GTR, a company spokesperson was unable to disclose the name of its financier, but explained the facility is structured as construction financing, converting to long-term debt.

With the financing secured, Pattern Development has started construction on the 122MW photovoltaic power plant in Chile’s Atacama Desert, with completion expected within a year.

Mike Garland, the firm’s president and CEO, says: “Conejo Solar was originated by Pattern Development, demonstrating that solar power is an excellent fit with our wind business that allows us to leverage our extensive development expertise.”

Conejo Solar has a 22-year power purchase agreement with Minera Los Pelambres, an affiliate of Antofagasta Minerals, for around 65% of the project’s output over the term of the agreement. The plant will connect to Chile’s Sistema Interconectado Central (SIC) transmission system and is located on government-owned lands, under a long-term concession.