Milbank LLP represented the banks in the financing of the acquisition of the 560MW Ensenada de Barragán Thermal Power Plant for $229 million and a debt assumption of $304 million. The power plant was acquired by CT Barragán S.A., a special purpose company (SPV) jointly owned by YPF S.A. and Pampa Energía S.A. The transaction includes a commitment to expand the plant up to an aggregate capacity from 560MW to 825MW. To honor this commitment, the SPV received a loan of $170 million with a syndicate of banks. The plant is gas and oil fired, powered by fuel from CAMMESA. The acquisition closed on June 26, 2019.
The Milbank deal team was led by Global Capital Markets partner Carlos Albarracín, along with associates Gonzalo Guitart and Ana Bueno. The team also included Tax partner Andrew Walker.
Mr. Albarracín said: “We are pleased to have advised the banks in the financing of this important transaction in Argentina, which contributes to the continued development of power generation infrastructure to support Argentina’s growing market for electricity.”
