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January 8, 2020

Milbank Advises Lenders in Major Latin America Energy Refinancing

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Milbank LLP advised the lenders in connection with the refinancing of the Samay/Mollendo power plant, known as Puerto Bravo, located in Peru and owned by Inkia Energy. This is one of the largest single-asset energy refinancings in Latin America in 2019.

The 708 MW cold reserve power plant is located in the district of Mollendo, province of Islay, Arequipa Region, Peru, and is operated by Samay I S.A., a portfolio company of global private equity firm I Squared Capital. The transaction closed on December 26, 2019.

The Milbank Global Project, Energy and Infrastructure Finance team was led by partners Dan Bartfeld and Jaime Ramirez, along with associates Genevieve Fox, Rocío Portela-Berrios and Marcela Barba.

Mr. Bartfeld said: “We advised on the original financing for the project and are pleased to work with this new group of lenders on one of the largest, major refinancings in the Latin America energy market in 2019. The Samay/Mollendo refinancing is indicative of the continued strength of the Latin American energy finance markets.”

Mr. Ramirez added: “This is one of many refinancings we have closed in the Latin America energy sector in 2019 and we look forward to further increased activity in 2020.”