Milbank LLP advised an international lending group in a $624 million financing facility for Sonnedix’s acquisition of Chilean renewable energy producer Arcadia Generacion Solar and its four operating photovoltaic plants from Enel Chile.
BNP Paribas, SMBC and Société Generale acted as joint lead arrangers, joint bookrunners and green loan coordinators, Crédit Agricole CIB acted as senior mandated lead arranger, and DNB Bank acted as arranger for the financing of the deal, which marks Sonnedix’s largest acquisition of operating assets to date.
The transaction also includes the refinancing of Atacama Solar, Sonnedix’s largest operational utility-scale project in Chile.
Sonnedix’s acquisition of Enel Chile’s 416MWp solar photovoltaic portfolio positions the global energy provider as one of Chile’s largest utility-scale renewable energy producers with over 2.5GW of controlled capacity.
The Milbank team was led by Global Project, Energy and Infrastructure Finance partner Roland Estevez along with special counsel Timothy Fitzpatrick and associates Vince El Hayek and John Kim.
“The successful closing of the acquisition financing for Sonnedix’s Arcadia solar portfolio serves as not only a sign of the resilience of the Chilean energy markets but also emphasizes the importance of green energy across Chile, furthering the nation’s efforts in meeting its sustainability goals and combating climate change.” Milbank partner Roland Estevez said.
