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HSBC Asset Management Invests in Portfolio of Renewable Energy Assets in Chile

18 January 2022
    Press release

    HSBC Asset Management Invests in Portfolio of Renewable Energy Assets in Chile

    18 January 2022 - HSBC Asset Management (HSBC AM) has acted as the sole debt investor in a USD48.2million US private placement for the refinancing of a solar and wind portfolio of PMGD1 (Small and Medium Distributed Generation) assets in Chile sponsored by InterEnergy. The 17-year notes were rated BBB- by Fitch.

    The portfolio comprises 12 solar PV projects and two windfarms, with a total capacity of 60 megawatts (MW), all fully operational. This is the first long-term private placement for a portfolio of solar and wind projects in the PMGD sector, which benefits from the PMGD regulatory regime.

    This transaction marks the fifth infrastructure debt investment in Chile for HSBC Asset Management’s infrastructure debt investments team and the second long-term PMGD private placement transaction in the portfolio. These projects are assisting Chile in achieving its goal of eliminating coal fired power generation from its electricity supply.

    Andres Slullitel, CFO of InterEnergy said "We are extremely happy to have worked with HSBC Asset Management in this refinancing and we trust this is the starting point of a fruitful and long lasting relationship.”

    Diana Sepulveda, Senior Portfolio Manager, Infrastructure Debt Investments, at HSBC Asset Management said: “We are pleased to have completed our first bilateral infrastructure debt transaction in Chile with InterEnergy. We are committed to making sustainable investments consistent with delivering net zero by 2050.”

    In 2020, HSBC Asset Management set out its strategy to re-position the business as a core solutions and specialist emerging markets, Asia and alternatives focused asset manager, with client centricity, investment excellence and sustainable investing as key enablers. HSBC Alternatives has USD54 billion of assets under management and advice, with USD3.0 billion across its infrastructure debt capability, as of 30 September 2021.

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    [1] - The PMGD regulatory regime was created by the Chilean government in 2005 to encourage the development of additional distributed energy generation and help Chile’s carbon neutrality goal. The program targets small-scale renewable energy projects of 9MWac capacity.

    Notes to editors

    For journalists only and should not be distributed to or relied upon by any other persons.

    Approved for issue in the UK by HSBC Global Asset Management (UK) Limited, which is authorised and regulated by the Financial Conduct Authority.

    www.assetmanagement.hsbc.com/uk

    Copyright © HSBC Global Asset Management (UK) Limited 2022 All rights reserved.

    Notes to investors

    The information contained in this press release does not constitute an offer or solicitation for, or advice that you should enter into, the purchase or sale of any security or fund. Any views expressed are subject to change at any time.

    This document is not intended for distribution to or use by any person or entity in any jurisdiction or country where such distribution or use would be contrary to law or regulation. This document is not and should not be construed as an offer to sell or the solicitation of an offer to purchase or subscribe to any investment.

    Any views expressed were held at the time of preparation and are subject to change without notice. While any forecast, projection or target where provided is indicative only and not guaranteed in any way. HSBC Global Asset Management (UK) Limited accepts no liability for any failure to meet such forecast, projection or target. The value of investments and any income from them can go down as well as up and investors may not get back the amount originally invested. Where overseas investments are held the rate of currency exchange may also cause the value of such investments to fluctuate. Investments in emerging markets are by their nature higher risk and potentially more volatile than those inherent in some established markets.

    HSBC Asset Management

    HSBC Asset Management, the investment management business of the HSBC Group, invests on behalf of HSBC’s worldwide customer base of retail and private clients, intermediaries, corporates and institutions through both segregated accounts and pooled funds. HSBC Asset Management connects HSBC’s clients with investment opportunities around the world through an international network of offices in 25 countries and territories, delivering global capabilities with local market insight. As at 30 September 2021, HSBC Asset Management managed assets totaling US$619bn on behalf of its clients. For more information, see www.assetmanagement.hsbc.com/uk

    HSBC Asset Management is the brand name for the asset management business of HSBC Group, which includes the investment activities provided through our local regulated entity, HSBC Global Asset Management (UK) Limited.

    The HSBC Group

    HSBC Holdings plc

    HSBC Holdings plc, the parent company of the HSBC Group, is headquartered in London. HSBC serves customers worldwide from offices in 64 countries and territories in our geographical regions: Europe, Asia, North America, Latin America, the Middle East and North Africa. With assets of US$2,969 billion at 30 September 2021, HSBC is one of the world’s largest banking and financial services organisations.

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