Carey
Isidora Goyenechea 2800, las Condes Piso 42 755-0647 Santiago, Chile
Tel:(+56 2)29282200, Fax:(+56 2)29282200, E-mail: carey@carey.cl
Latin Lawyer

AES Gener closes financing for the construction of project Alto Maipo

2 January, 2014 by Lulu Rumsey

Chile’s Claro y Cía and Jara del Favero Abogados and the Washington, DC and New York offices of Vinson & Elkins LLP have helped energy producer AES Gener and copper mining group Antofagasta Minerals obtain a US$1.22 billion credit facility to fund the construction of a hydroelectric power project.

Multilateral, export credit agencies and development banks, including Overseas Private Investment Corporation, Inter-American Development Bank, International Finance Corporation, Banco del Estado de Chile, KfW Ipex-Bank and DNB Bank acted as lenders with commercial banks Corpbanca, Banco de Crédito e Inversiones and Banco Itaú in the transaction, which closed on 9 December. Carey and Chadbourne & Parke LLP advised the lenders.

The Alto Maipo hydroelectric project is a 531 megawatt, two plant energy project in the Maipo river basin, 50 kilometres southeast of Santiago. The credit facility allowed construction of the plant to begin at the end of last month.

Jara del Favero helped Antofagasta Minerals acquire a 40 per cent stake in the project back in July 2013, when the mining group paid AES Gener US$50.2 million for the stake, in a deal that also involved Cariola, Díez, Pérez-Cotapos & Cía Ltda.

 
Counsel to Latin Lawyer

Counsel to AES Gener, Antofagasta Minerals and Alto Maipo

Claro y Cía

Partner Rodrigo Ochagavía and associates Ariel Mihovilovic, Gerardo Otero and Philippa Cooper in Santiago

Vinson & Elkins LLP

Partners Mark Spivak and Katy Gottsponer, and associates Jason Paral and Lee Davis in Washington, DC and associates Joseph Nussbaum, Tzvi Werzberger and John Thomson in New York

Counsel to Antofagasta Minerals

Jara del Favero Abogados

Partner Rafael Valdivieso in Santiago

Counsel to OPIC, Inter-American Development Bank, IFC, Corpbanca, BCI, Banco Itaú Chile, Banco del Estado de Chile, KfW Ipex-Bank and DNB Bank

Chadbourne & Parke LLP

Partners Marissa Leigh Alcala, Peter Fitzgerald, Robert Shapiro, John Marciano and Noam Ayali, associates Charlotte Del Duca, Marco DeSousa, Brian Greene, Kate Houren Geder and senior attorney Kelly Kogan in Washington, DC, partners Christopher Cardona and Charez Golvala and special counsel Patrick Devine in London, and counsel Raquel Bierzwinsky and associates Rodion Yemelyanenko, Joslyn Massengale and Monika Szymanski in New York

Carey

Partners Juan Francisco Mackenna and Felipe Moro, and associates Manuel José Prieto, Cristóbal Correa, Agustín Fracchia and Loreto Ribera in Santiago.