B&E in refurbishment of CSP Plant
Barros & Errázuriz Abogados has advised a syndicate of national and international financial institutions in the negotiation of a series of agreements whose main objective was to implement the repair and commissioning of the Concentrating Solar Power Plant (CSP Plant) which has been mothballed since mid 2023.
For this purpose, several amendments to the EPC contracts of the CSP Plant and other significant contracts of the project were concluded, in order for the CSP Plant to be put back into service during the year 2025.
The advisory also included the review, negotiation and approval by the Senior and IVA Creditors of amendments to the terms of certain financing documents to adapt them to the new project conditions, including various security agreements, and the granting and restructuring of other documents related to the senior and IVA financing of the project, subject to New York law, Chilean law, English law and Spanish law.
This transaction was completed on 2 July. Other participating firms were Morales & Besa, as Chilean counsel to Cerro Dominador; Carey, as Chilean counsel to Brookfield; Cuatrecasas, as Chilean counsel to Acciona; Clifford Chance, as US counsel to the Senior Lenders; Milbank, as US counsel to Cerro Dominador; and White & Case, as US counsel to Brookfield.
The syndicate of financial institutions comprised: Banco Santander Chile, as VAT Lender, Senior Lender and Onshore Security Agent; Abn Amro Bank N.V.- Amsterdam; Commerzbank; Deutsche Bank; Landesbank Hessen-Thuringen Girozentrale; Instituto de Crédito Oficial; KFW Ipex-Bank Gmbh; Societe Generale; Natixis, New Yok Branch, as Senior Lender and Administrative Agent; Banco BTG Pactual; China Construction Bank Corporation; Penta Vida Compañía de Seguros de Vida; and Nonghyup Bank.
B&E’s team was led by partners Francisco de la Barra Gili (pictured left), Enrique Barros Vial (pictured centre, left), Javier San Martín (pictured centre, right) and Cristóbal Pellegrini (pictured right), with support from senior associate Jean Andre Petit Pino, and associates Geraldine Ugueto Tovar, María Izcue Gana, and Raimundo Ruiz.
