A subsidiary of Mainstream Renewable Power Chile gets credit for USD580 millionNovember 20, 2019, by - LATIN LAWYER
Chilean borrower gets US$580 million for green projects
Philippi Prietocarrizosa Ferrero DU & Uría (Chile) advised lenders CaixaBank, DNB, KfW IPEX-Bank, Natixis, SMBC and Société Générale on the deal, which closed on 4 November.
Morales & Besa in Santiago also advised Banco Santander (Chile) in the deal, who granted Mainstream a further US$47 million to finance VAT costs from the manufacturing of the sites.
The loan is further composed of a long-term credit line of US$552 million and one debt portion of US$27 million to pay back the principal amount with interest.
It is also thought that Shearman & Sterling provided counsel to the banks in New York, but Latin Lawyer was unable to confirm this prior to publishing.
The money raised will fund the creation of three wind farms and one solar energy plant. These are estimated to inject a combined total of 570 megawatts of energy into the national network. The investment will also fund the construction of transmission lines, as well as electrical substations.
Individually, the projects are known as Tchemma and Cerro Tigre – both located in the Antofagasta region – and Alena and Escondido, which will be built in the Bio Bio and Atacama regions of the country.
Renewables financing is one of the key discussion points at the Latin Lawyer Live Project Finance Summit, which takes place in Washington, DC, on Thursday 5 December.
Counsel to Condor
In-house counsel – Ignacio Díaz
Partners Roland Estevez and Dan Bartfeld and associates Jeeseon Ahn, Jared Ragozine and Sharaf Islam in New York
Partners Felipe Moro and Juan Francisco Mackenna, and associates Loreto Ribera, Fernando Noriega, Sophia Bobadilla, Julio Recordon, Manuel Garcés, Esteban Fresno and Rafael Mackay in Santiago
Counsel to CaixaBank, DNB, KfW IPEX-Bank, Natixis, SMBC and Société Générale
Philippi Prietocarrizosa Ferrero DU & Uría (Chile)
Partner Marcela Silva and associates Santiago Mesías, Ana Bengoechea, and Alejandro Espejo in Santiago
Counsel to Banco Santander
Morales & Besa
Partner Myriam Barahona and associates James Channing, Jaime Rosso, Ignacio Chomalí, María Victoria Alonso and Gonzalo Machuca in Santiago