Milbank LLP represented the purchasers in connection with Genrent del Peru S.A.C.’s completed issuance of 19-year unlisted secured senior notes. The senior notes will fund the working capital requirements for the operation and maintenance of an 80MW HFO-fired distributed power generation project in the city of Iquitos, Peru. The notes will also fund, among other things, the repayment of existing bank and other loans.
Genrent del Peru S.A.C. is a special purpose vehicle established and domiciled in Peru by parent companies F.K. Group and VPower Group Holdings Limited. In 2013, it was awarded the power generation project under a 20-year concession by the Peruvian Ministry of Energy and Mines to initially increase the energy supply to Iquitos’ isolated system, and at a subsequent stage, provide reserve capacity to the national grid under a cold reserve regime. The project commenced operation and started revenue generation in October 2017. To the best knowledge of the Directors, it currently produces about 70% of the electricity supply in the city of Iquitos.
The Milbank team was led by Dan Bartfeld, head of the firm’s Global Project, Energy and Infrastructure Finance Group, with associates Genevieve Fox, Henry Scott and Daniel Groh-Wargo.
Mr. Bartfeld said: “We are incredibly proud of our continued involvement in some of the most significant energy transactions in Peru. This transaction is in a long line of other recent energy and infrastructure-related USPPs that we’ve worked on in México, Colombia and other countries across Latin America.”
