Milbank LLP is ranked the #1 international law firm for Latin America energy/infrastructure transactions in IJGlobal’s league tables for Q3 of 2020 by project value. The projects span Latin America, including Mexico, Brazil, Chile, Colombia and Peru, and include collaboration with sponsors, lenders, private equity funds and institutional investors. Highlights of our recent work in the region include representations in connection with:
- The initial purchasers and lenders in connection with a bank/bond financing by EnfraGen Energía Sur, S.A.U., Prime Energía SpA, and EnfraGen Spain, S.A.U., valued at US$1.76 billion. The issuers are subsidiaries of EnfraGen, LLC, a developer, owner, and operator of grid stability and value-added renewable energy infrastructure businesses across Latin American investment-grade countries. Enfragen is jointly controlled by Glenfarne Group and Partners Group.
- The issuer (a subsidiary of certain investment funds managed by The Blackstone Group, Inc.), which owns and operates the 874.5MW Tierra Mojada natural gas-fired combined-cycle combustion turbine power generation facility located in Mexico, in connection with the $953 million offering of 5.750% senior notes due 2040.
- BBVA, KfW, Scotia and SMBC as lenders in the $450 million financing to Lima Airport Partners (“LAP”) for the expansion of the Jorge Chávez International Airport, located in Lima, Peru. The Lima Airport is a strategic hub in both Peru and South America. The expansion includes the airside development and construction of a second runway, an air traffic control (“ATC”) tower, 10km of taxiways and increased aircraft parking capacity, among other improvements.
- InterEnergy in a landmark first-time issuer Rule 144A green project bond financing by its portfolio wind and solar power generation companies UEP Penonomé S.A. as issuer, and Tecnisol I, S.A., Tecnisol II, S.A., Tecnisol III, S.A. and Tecnisol IV, S.A. as guarantors.
- Actis in their sale of the Zuma Energia renewable energy portfolio in Mexico, which consists of 349MW of solar projects (Orejana and Santa Maria) and 474MW of wind projects (Ingenio and Reynosa I-V) in operation and a substantial portfolio of wind and solar projects in development to China’s State Power Investment Corporation (SPIC). The Reynosa project is the largest wind project in Latin America and Zuma is the largest independent renewable power producer in Mexico.
- The $225 million refinancing of the Moquegua, Panamericana Solar and Tacna Solar photovoltaic projects, located in Peru and sponsored by Solarpack and Ardian.
- The refinancing of the 104MWac Conejo solar energy project in Taltal, Chile and the 115MW Conejo wind electric generation facility in Coquimbo, Chile sponsored by Arroyo.
- Morgan Stanley in the refinancing of the Cidade de Itajai FPSO (a joint venture between Ocyan and Altera Infrastructure) operating the Bauna field, offshore Brazil. The refinancing occurred in parallel of the acquisition of the Bauna field by Karoon Petróleo e Gás from Petrobras.
- Costera in connection with the acquisition of the Costera Cartagena Barranquilla 4G toll road in Colombia by Interconexión Eléctrica S.A. E.S.P (ISA) and its subsidiary ISA Intervial Chile (Intervial).
- Sonnedix, a global solar independent power producer, in connection with the financing for an expected 100MWp portfolio of approximately 20 solar photovoltaic plants in Chile (known as the Sonnedix PMGD Portfolio). The financing was provided by Natixis.
- The lenders in connection with the financing for the Pamplona-Cúcuta 4G Toll Road project in Colombia.
- The lender, in connection with the financing of the acquisition of Etenorte S.R.L. and Eteselva S.R.L. by Interconexion Electrica S.A. (“ISA”) from the Inkia Group (Nautilus Energy Holdings). Etenorte S.R.L. and Eteselva S.R.L. are two transmission companies located in Peru with more than 740 km of 220kV & 138kV transmission lines.
- The lenders in connection with the dual-currency USD$275 million and COP$226 billion financing for Caoba Inversiones, an investment platform developed through a joint venture between Colombian energy key player Celsia and Cubico Sustainable Investments (owned by Ontario Teachers’ Pension Plan, Canada’s largest single-profession pension plan and PSP Investments, one of Canada’s largest pension investment managers) to own, operate and develop power transmission assets with predictable and stable long-term cash-flows.
- Mainstream Renewable Power Ltd. and its subsidiaries in connection with the project financing of the 630MW Huemul portfolio, which is comprised of three onshore wind and two solar PV generation assets. Together, this portfolio and the 571MW Cóndor portfolio – which Milbank advised Mainstream on the closing of in November 2019 – comprise Mainstream’s “Andes Renovables” power generation platform in Chile, which totals $1.25 billion, 1.3GW of solar and wind assets.
- The administrative agent and other lenders in the refinancing for Minera Centinela in Chile.
- Canadian Solar Inc. in connection with the greenfield financing for the 95MWac Horus photovoltaic solar project and associated electrical substation and interconnection line in Mexico.
- DNB Bank ASA in connection with the greenfield financing for the 58MWp La Cruz photovoltaic solar project in Chile.
- Canadian Solar Inc. in connection with the greenfield financing for the 100MWac Tastiota photovoltaic solar project and associated electrical substation and interconnection line in Mexico.
- DNB Bank, CaixaBank and Instituto de Crédito Oficial in the refinancing of the Cabo Leones I wind farm project with a total installed Phase I capacity of 115.5MW, located in the Atacama region in Chile and sponsored by Ibereólica and EDF. The refinancing facility included commitments to finance the construction of a 57.6MW Phase II expansion.
- Sumitomo Mitsui Banking Corporation in the financing for the construction and operation of a 50MW wind farm located in the O’Higgins region in Chile and an 89.4MW solar power plant located in the Atacama region in Chile, both sponsored by Spain’s OPDENERGY.
Dan Bartfeld, head of the firm’s Global Project, Energy and Infrastructure Finance Group, said: “As we shift our focus to economic recovery in Latin America, energy and infrastructure projects will play an important role in driving growth. The global business community continues to look to the region for investment opportunities, increasingly focusing on climate and eco-friendly opportunities, and we are optimistic about the future of energy and infrastructure investment in Latin America as we begin 2021.”
Milbank has one of the largest project, energy and infrastructure groups in the world with over 125 dedicated lawyers in its offices in the Americas, Europe and Asia. In the past five years, the firm has acted as the lead legal advisor in a wide variety of power, energy, oil/gas, natural resources, transportation and other infrastructure projects worldwide that mobilized hundreds of billions of dollars of capital. This year alone, Milbank was recently named “Latin America Legal Adviser of the Year” and recognized for its role in 10 project finance transactions in the Americas, the Middle East and North Africa and Asia by IJGlobal, and also was recently recognized by Project Finance International for its role in six project finance transactions in Latin America, Asia and the Middle East and North Africa, by IFLR as the Asia-Pacific “Project Finance Team of the Year,” by TXF Perfect 10 for its role in three infrastructure transactions across Latin America and Asia and by Chambers as “Indonesia International Firm of the Year” for its role on a number of significant project financings in the country.
