There is a default risk that the IPP can become insolvent, being unable to supply power to the off-taker and repay its debt to the lender. Mining companies and lenders are, therefore, more likely to partner with an experienced IPP that has strong ties to the investment community and is able to bring the project to financial closure. When looking across the array of current projects (Table 2.1), several of them, and particularly large-scale costly projects, involve well-established renewable energy developers (PWC, 2017). As an example, Valhalla, a Chilean renewable energy start-up has faced difficulties in securing USD 500 million financing required for its innovative Espejo de Tarapaca project in northern Chile.