Milbank LLP represented the financing sources in connection with the financing for the acquisition, construction, operation and transfer of two seawater pipeline assets for Minera Centinela.
The financing will support the acquisition and operation of a 144-kilometer seawater pipeline that transports 1,281 L/s of seawater to the mining sites of Minera Antucoya and Minera Centinela, and the design, construction, commissioning and operation of a new water pipeline parallel to the existing pipeline to provide seawater to Minera Centinela’s mining site. The project, sponsored by Almar Water Solutions and Transelec, will significantly reduce the environmental footprint of the mining operations.
“We are honored to have advised this sophisticated group of banks and investors on this landmark financing,” said Jaime Ramirez, co-head of Milbank’s Latin America Practice Group and lead Global Project, Energy and Infrastructure Finance partner on the senior financing team. “This financing is not just significant for the sponsors, but for the broader water infrastructure market in the region.”
“This complex transaction marks an important milestone for the sponsors, setting a new standard for increasing the mines’ output without the use of inland waters or desalination, preserving regional resources and reducing extraction-related emissions,” added Carolina Walther-Meade, lead Global Project, Energy and Infrastructure Finance partner on the equity bridge loan team.
Mr. Ramirez and Ms. Walther-Meade led the Milbank teams advising on the financing. The teams also included Alternative Investments partner John Williams and special counsel Elizabeth Martinez; Global Project, Energy and Infrastructure Finance associates Daniel Rios Zertuche, Louise Toledo Farias, Natalia Rodriguez Pastrana, Monica Borda-Olarte, Pierre-Philippe Turnbull, Annie Harper, Verde d’Aquino, and Sebastian Leon Nunez; and Alternative Investments associates Devan Zorn, Chloe Wang and Serge Holodny.
