Milbank LLP advised Sumitomo Mitsui Banking Corporation (“SMBC”) and Natixis, New York Branch (“Natixis”), as joint mandated lead arrangers and joint bookrunners in connection with a US$400 million senior secured financing for Prime Energía SpA (“Prime Energía”), an independent power producer headquartered in Santiago, Chile, and a subsidiary of US-based industrial owner-operator Glenfarne Group, LLC. The proceeds will be used for the construction of five backup power plants and the refinancing of existing debt.
The power plants financed by this transaction have a total capacity of approximately 700MW and will support Chile’s renewable energy grid program, which requires the development of backup power generation facilities that can be used in the event of system emergencies.
The Milbank team was led by Dan Bartfeld, head of Milbank’s Global Project, Energy and Infrastructure Finance Group, with partner Jaime Ramirez and associates Jeeseon Ahn and Leila Ravi.
Mr. Bartfeld said: “We are pleased to have once again worked with SMBC and Natixis on financing backup power generating facilities in Chile, which are critical to Chile’s renewable energy grid and move the country closer to achieving its power goals. This transaction further highlights the integral role Milbank has played in Latin American project financings as Chile and other countries in the region continue to embrace renewable energy and infrastructure development.”
