In its latest renewable energy financing in Latin America, Milbank, Tweed, Hadley & McCloy LLP represented the international lenders in the project financing of Aela Energía’s Aurora project (129 MW) and Sarco project (170 MW). Aela Energía is a joint venture between Actis’ Chilean renewables platform and Mainstream Renewable Power.
Both projects will be completed in the second half of 2018 and together will provide power to the equivalent of 460,000 households. The Aurora project involves an approximately 129MW wind farm to be located in Llanquihue, Chile; the Sarco project involves an approximately 170MW wind farm to be located in Freirina, Chile and a 71 km transmission line in Freirina and Vallenar, Chile.
Milbank represented a syndicate of multilateral and commercial banks, including CaixaBank, The Korea Development Bank (KDB), KfW IPEX-Bank GmbH, The Bank of Tokyo-Mitsubishi UFJ (MUFG), Sumitomo Mitsui Banking Corporation (SMBC), Inter-American Investment Corporation (IIC) and the Inter-American Development Bank (IDB).
The Milbank team was led by Global Project, Energy and Infrastructure Finance Group partners Dan Bartfeld and Roland Estevez, with senior associate Andrés Arnaldos Montaner and associates Carolyn Miller, Delia Solomon, Michael Cooper, Brian Lee, Katja Lehr, and Robert Thompson.
“We are pleased to have advised these financial institutions on such an important project in Latin America, which will provide power to the equivalent of 460,000 households,” Mr. Bartfeld, head of Milbank’s Global Project, Energy and Infrastructure Finance Group, said. “The deal demonstrates Milbank’s continued strength with respect to highly complex and multi-faceted transactions in Latin America.”
Mr. Estevez added: “The collaboration of international lenders and world-class sponsors Actis and Mainstream was crucial to driving the success of the project, and should serve as an example for similar transactions as Chile and other Latin American nations continue to expand into the renewable energy sector.”
