Milbank LLP advised BNP Paribas and Natixis, New York Branch, as lenders and joint lead arrangers, in connection with the $282 million financing of the hybrid Aurora project in Chile, consisting of a 220 MWdc solar plant and energy storage of up to 1 GWh. The agreement represents one of the largest energy storage undertakings to date in Latin America.
“We are proud to support the financing of a project that not only reflects the increasing sophistication of hybrid energy developments in Latin America, but also represents one of the largest energy storage schemes in the region,” said Milbank Global Project, Energy and Infrastructure Finance partner Jaime Ramirez. “This transaction showcases how lenders and sponsors can collaborate to drive innovation in renewable energy and storage at scale.”
The Milbank financing team was led by Mr. Ramirez and included Global Project, Energy and Infrastructure Finance associates Sofia Duclaud, Sebastian Leon Nunez, and Rafael Bresciani.
The Milbank team representing BNP Paribas as Offshore Depositary Bank included Global Project, Energy and Infrastructure Finance partner Carolina Walther-Meade, associate Ana Maria Rodriguez Polania and law clerk Jacqueline Pasquel. The transaction was further supported by a hedge team led by Structured Credit partner Elizabeth A. Martinez.
