Milbank LLP advised the initial purchasers in connection with the $403.9 million Rule 144A green project bond offering of 5.125% senior secured notes due 2033 by Inversiones Latin América Power Ltda. (“ILAP”). The use of proceeds will be used to refinance two of its existing wind parks in Chile: (i) the San Juan Project, a 193.2 MW facility located in Vallenar in the region of Atacama, currently the second largest wind farm project in the country, and (ii) the Totoral Project, a 46.0 MW facility located in Canela, in the region of Coquimbo.
The sponsor, Latin America Power, is a renewable energy generation company with a presence in Chile and Peru.
The Milbank deal team was led by partners Marcelo Mottesi and Dan Bartfeld, along with associates Kristina Hokenberg, Lyndon Plothow, Zachary Shepperd, Javier El-Hage and Anna Zauner.
Mr. Mottesi, Chair of Milbank’s Global Capital Markets practice said: “We are very pleased to have worked closely with the initial purchasers on this important project bond offering in Latin America and to maintain our leading presence within the Chilean and Latin American debt markets.”
Mr. Bartfeld, head of Milbank’s Global Project Energy and Infrastructure Finance Group added: “Milbank is extremely active in the Latin America renewable energy space and we are very pleased to support on this successful Rule 144A green project bond transaction. We continue to see a very strong market for 144A project bonds.”
Milbank continues to have the lead legal role in many of the most significant Latin American power, energy and infrastructure matters and regularly advises clients on a wide range of securities, financing and acquisition matters. This transaction highlights our leadership in 144A project bonds in Latin America where we have closed five offerings in the past several months, including our representation on the 144A Social Project Bond for Puerta de Hierro Toll Road in Colombia, 144A Project Bond for Tierra Mojada in Mexico and the 144A Project Bond for InterEnergy in Panama. In addition, this is the sixth renewables project that the firm has closed in the region this year, including our representation in connection with Sonnedix’s Meseta del Los Andes Solar project, the financing for a solar portfolio by EnfraGen, Solek’s 110 MW PMGD solar portfolio, the 101 MW San Pedro solar project and the 204 MW Cabo Leones II wind farm in Chile and the 99 MWa (125.83 MWdc) El Mayo PV power plant in Mexico.
