Guerrero Olivos advises Natixis on Chile solar portfolio financing
Chilean law firm Guerrero Olivos has advised Natixis as sole lead arranger, hedge provider and administrative agent for an $87 million loan to Sonnedix, a global solar independent power producer, for an for an expected 100MW portfolio of approximately 20 solar photovoltaic plants in Chile.
The portfolio consists of solar photovoltaic projects that operate under Chile’s special regime for distributed generation projects.
The financing structure provides Sonnedix with the flexibility to add additional solar PV projects to the portfolio, subject to meeting pre-defined eligibility criteria, and Sonnedix plans to add two new plants to the portfolio, with combined capacity of 14MW, by June 2020, and projects with a further 61MW in combined capacity during the term loan availability period.
“This financing allows us to further expand our presence in the Chilean market and helps establishing Sonnedix as a strong contributor to the country’s long-term commitment to renewables and stable regulatory environment” Axel Thiemann, CEO of Sonnedix, said.
“We continue actively seeking opportunities to invest and develop projects that will help achieve key strategic goals for the country’s power system.”
“This marks the fourth loan portfolio term financing arranged by Natixis over the past 12 months; these transactions further consolidate Natixis’ leadership amongst financial institutions in the PMGD space”, said Aitor Alava, managing director, head of infrastructure finance in Latin America at Natixis.
Guerrero Olivos’ team advising Natixis was led by Sebastián Abogabir and Macarena Ravinet (pictured), with partner Miguel Coddou, senior associate Felipe Frühling and associates Francisca Pellegrini, Tomás Montes, Antonia Namur, Antonia Ibarra and Pilar Illanes.
