Milbank, Tweed, Hadley & McCloy LLP has advised major international lenders providing approximately US$140 million in financing for the joint development by EDF EN Chile Holding SpA and Ibereólica Renovables Chile S.A. of a wind energy plant and associated power transmission facilities in the Atacama region of northern coastal Chile.
The Cabo Leones I Wind Project, a 115.5-megawatt alternating current (AC) power plant, substation and interconnection line, consists of a complex onshore and offshore security structure that will benefit from offtake agreements with 25 distribution companies under long-term PPAs.
A Milbank team led by Global Project, Energy and Infrastructure Finance partner Roland Estevez and associates Jeff Leider, Lindsay Hall and international associate Daniel Rios acted as counsel to joint lead arrangers Crédit Agricole Corporate & Investment Bank, Sumitomo Mitsui Banking Corporation and Norway’s DNB Bank ASA.
Mr. Estevez was also partner on the recently closed Santiago Solar Project in Chile. He said, “Latin America is at the forefront of the renewables surge and the Chilean market has been happy to take the lead. As Mexico, Colombia and other Latin American nations continue to expand into the sector, it is clear that the financial technology developed with the lessons learned in Chile will help pave the way. We’re pleased to advise the financial institutions on such a groundbreaking project and it should serve as a reflection of what can be accomplished when international Sponsors and Lenders combine efforts to structure complex products. With cost curves continuing to drop, demand for renewables has proven it is here to stay.”
Recognized across the Americas, Asia and Africa as a top tier firm in the recently published IFLR1000 Guide to Energy and Infrastructure, Milbank was singled out for its work in the areas of Energy, Infrastructure, Mining, Oil & Gas, Renewables and Transportation.
About Milbank
Milbank, Tweed, Hadley & McCloy LLP is a leading international law firm that provides innovative legal services to clients around the world. Founded in New York 150 years ago, Milbank has offices in Beijing, Frankfurt, Hong Kong, London, Los Angeles, Munich, São Paulo, Seoul, Singapore, Tokyo and Washington, DC.
Milbank’s lawyers collaborate across practices and offices to help the world’s leading commercial, financial and industrial enterprises, as well as institutions, individuals and governments, achieve their strategic objectives.
