April 20, 2021

Milbank Advises on the Financing of Two Chilean Renewable Projects


Milbank represented the Cabo II 235 MW wind farm project (owned by Global Power Generation and Grupo Ibereólica), located in the northern Atacama region in Chile, and the San Pedro 101 MW solar project (owned by Global Power Generation), located in the Antofagasta region in Chile in connection with the financing thereof. ING Capital, Instituto de Crédito Oficial (ICO), KfW IPEX-Bank, MUFG, The Bank of Nova Scotia and Sumitomo Mitsui Banking Corp. acted as lenders in each financing.

The Milbank deal team was led by Global Project, Energy and Infrastructure Finance partner Jaime Ramirez and included international associate Natalia Rodriguez Pastrana with associates Sonia Lopez and John Preston.

Mr. Ramirez noted: “This transaction underscores the high level of involvement in Latin America by the global business community as the region continues to focus on economic recovery. We are honored to have supported Global Power Generation and Grupo Ibereólica on these significant projects, which are particularly noteworthy in light of the structure and the terms.”

Milbank has one of the largest project, energy and infrastructure groups in the world with over 125 dedicated lawyers in its offices in the AmericasEurope and Asia. In the past five years, the firm has acted as the lead legal advisor in a wide variety of power, energy, oil/gas, natural resources, transportation and other infrastructure projects worldwide that mobilized hundreds of billions of dollars of capital. In the past year, Milbank was ranked the #1 international law firm for Latin America energy/infrastructure transactions in IJGlobal’s league tables for Q3 and FY 2020 by project value. The firm was recently named “Latin America Legal Advisor of the Year” and “North America Legal Advisor of the Year” by Proximo, Latin America Legal Adviser of the Year by IJGlobal, and was recognized by Project Finance International for its role in six project finance transactions in Latin America, Asia and the Middle East and North Africa.