Grenergy and Natixis close $91mn solar PV portfolio financing in Chile

Grenergy Renovables S.A., with Natixis as Sole Lead Arranger, Hedge Provider, LC Issuing Bank and Administrative Agent, have successfully closed senior secured facilities totalling $91 million for an expected 130 MW portfolio of 14 solar photovoltaic ("PV") plants in Chile. The Grenergy portfolio consists of solar projects that will operate under Chile's special regime for distributed generation projects (known as "PMGD").

Labour fines reach $6.7mn in 2020

A total of 55,311 complaints filed with the Directorate of Labour (DT) for violations of labour regulations, was the balance left in 2020. In addition, between 1 January and 30 June 2020, the DT issued fines totalling CH$2.24 billion ($3.1 million) and between 1 July and 31 December of the same year, the figure was CH$2.57 billion ($3.6 million). Thus, during the year the fines issued by the agency amounted to $6.7 million.

Withdrawal of 10% helped increase household income by 35.4% in Chile

The gross disposable income of households increased by 35.4% compared to the third quarter of 2019, explained mainly by social benefits net of contributions in relation to the extraordinary partial withdrawal of pension funds - which had an impact of 39.2%, according to a Chile's Central Bank report. The report states that without the withdrawal of 10% of pensions, household incomes would have fallen by 2.6% compared to the third quarter of 2019.