Chilean solar project in Atacama gets financingNovember 21, 2019, by - LATIN LAWYER
Chilean solar project in Atacama gets financing
Emilio Demetriou-Jones21 November 2019
Philippi Prietocarrizosa Ferrero DU & Uría (Chile) has helped Spanish power company Grenergy Renovables obtain US$71 million in project finance for a solar plant in the Atacama desert.
The financing was composed of two different loans. One was a senior facility granted by Banco del Estado de Chile, Banco Security and Penta Vida Compañía de Seguros de Vida worth US$60 million. The banks turned to Carey. It is thought that Alcaíno Abogados also advised Penta Vida too, but this could not be confirmed prior to publication.
Sinia Renovables, the Mexican subsidiary of Banco Sabadell, granted the second, a US$11 million mezzanine loan to Grenergy, and hired Garrigues (Chile).
The deal closed on 8 November.
The 103-megawatt plant, located in the oasis of Quillagua in northern Chile, will require a total investment of US$98 million.
PPU has worked with Grenergy before. In september, it helped the company sell US$208 million worth of renewables assets in Chile, in a deal that also involved Claro & Cía and Carey.
Renewables is one of the topics at the Latin Lawyer Live 7th Annual Regional Project Finance Summit in Washington in 5 December. Earlybird tickets are available until tomorrow here.
Counsel to Grenergy
In-house counsel - Alvaro Ruiz, Pablo Abell and Alvaro Bolado
Philippi Prietocarrizosa Ferrero DU & Uría (Chile)
Partner Federico Grebe and associates Daniel Parodi, Juan Ignacio Pitta, Santiago Mesías and Vera Yacher
Counsel to Banco Security, Banco del Estado de Chile and Penta Vida Compañía de Seguros de Vida
Partner Felipe Moro and associates Loreto Ribera, Delia Fontaine, Diego Ibarrola, Javiera Muñoz, Jorge Soto, Manuel Barros, Martín Pérez-Cotapos, Nadia Jara, Óscar Lizana, Paluska Solar, Rafael Mackay and Tomás Appelgren
Counsel to Sinia Renovables
Partner Pedro García and associate Fernando Vial