US-based energy and infrastructure developer Glenfarne Group LLC has secured up to USD 700 million (EUR 598m) in capital for new investments in the Americas, including for hydropower purchases.

Glenfarne’s unit EnfraGen LLC will use the fresh funds to support the growth of two of its own subsidiaries, namely Prime Energia SpA and Fontus Hydro LLC. More specifically, Prime Energia will use the proceeds to fund the construction of five backup power stations in Chile that will help adopt more renewable energy onto the local electrical grid. A portion of the funds will also be used to refinance existing debt.

Fontus Hydro, in turn, will be able to finance its acquisition of three run-of-river hydroelectric power plants in Panama’s Chiriqui province. These facilities are supported by contracted revenues and are able to sell power into the Regional Electricity Market (MER), Glenfarne said.

The new investments will increase EnfraGen’s consolidated portfolio of operational and construction assets in the Americas to 750 MW.