Claro, Milbank, Clifford Chance, Garrigues advise on Zelestra’s US$282M solar-storage deal in Chile
Claro & Cía. acted as lead counsel to Zelestra Group in the successful closing of the “Aurora” project finance deal, supporting the development of a major hybrid energy facility in Chile’s Tarapacá Region. The financing structure backs the construction of a 221 MWDC / 187 MWAC photovoltaic plant alongside a 187 MW / 935 MWh lithium-ion battery energy storage system (BESS) — a landmark transaction for Chile’s energy transition roadmap.
The senior facility totals US$282 million, while a separate VAT facility of CLP 16.8 billion was also arranged. International lenders BNP Paribas and Natixis, New York Branch, served as senior lenders, with Natixis taking the role of Offshore Collateral Agent, and Banco de Crédito e Inversiones (BCI) acting as Onshore Collateral Agent and VAT Lender.
The financing involves cross-border elements governed under Chilean and New York law. The lead partners for Claro & Cia were José Luis Ambrosy (pictured right) and Ariel Mihovilovic (pictured left), supported by Felipe Pérez Cuadra, Fernanda Cabezón Otero, and Nicolás Pérez de Arce.
International legal counsel included Clifford Chance, advising Zelestra as borrower’s U.S. counsel, while Milbank advised the lenders on New York law, and Garrigues Chile served as local counsel to both the senior lenders and VAT lender.
The deal reached financial close on June 25, 2025, with the first senior disbursement completed on June 27 and VAT disbursements scheduled to begin by July 2. The project is expected to significantly enhance renewable energy capacity and grid stability in northern Chile.
