Clifford Chance counsels banks in financing of Argentina’s first biomass plant
Law firm Clifford Chance has acted for a syndicate of banks on the financing of Argentina’s first biomass plant, which will be located in Santa Rosa province.
The syndicate of banks comprises CIFI as lender and arranger, as well as Banco Ciudad de Buenos Aires, Banco Itaú Argentina and Spanish development bank Compañía Española de Financiación del Desarrollo (COFIDES).
The 18-megawatt plant will generate energy from timber residue supplied by 30 local sawmilles, with construction costing around $56 million, according to local media reports, and is being developed by local company GenergíaBio Corrientes, in conjunction with Bilbao, Spain-based independent power generator BAS Projects Corporation.
The multi-jurisdictional team of lawters advising the lenders was led by Clifford Chance’s head of the banking and finance practice in Madrid, partners José Guardo and Epifanio Pérez and associates Eduardo Sánchez, Gabriel Miranda and Beatriz González, along with Jessica Springsteen and Eli Keene in the firm’s Washington, DC office.
