Milbank LLP represented Parque Eólico Marcona S.A.C. and Parque Eólico Tres Hermanas S.A.C., two Peruvian wind power generation companies, as co-issuers, in connection with a $250 million US private placement. The owners of the issuers are Sigma Fondo de Inversion en Infraestructura, a Peruvian pension fund, and Grupo Cobra, a Spanish infrastructure and energy company.
Parque Eólico Tres Hermanas is a 97MW wind project located in Ica, Peru. The adjacent 32MW Parque Eolico Marcona together with its sister project Parque Eólico Tres Hermanas constitute one of the largest wind farms built in Peru to date.
The Milbank deal team was led by Global Capital Markets partner Carlos Albarracín, along with associates Meredith Hines, Andres Osornio and Gonzalo Guitart with support from Global Project, Energy & Infrastructure Finance partner Allan Marks and associate Miguel Duran.
Mr. Albarracín said: “Milbank is pleased to have advised the issuers on such an important project in Latin America that helps increase the electricity supply from renewable energy sources in Peru. The structure of this transaction was unique and innovative as the issuers co-issued the notes on a joint and several basis but, in order to accommodate certain regulatory restrictions, the notes were secured by two partially segregated security packages.”
