Bruchou and TRSYM on 360 Energy Solar Green Bond issue

Bruchou & Funes de Rioja has advised 360 Energy Solar, and Tavarone Rovelli Salim & Miani has advised the arranger and the placement agents, in the placement of Class 2 and 3 Negotiable Obligations of 360 Energy Solar, which qualify as Green Bonds.

The issuance was made under the programme for the issuance of short, medium or long term notes for a maximum amount of up to US$100,000,000 (or its equivalent in other currencies or units of value).

The Class 2 Notes were issued for a nominal amount of US$20,000,000 with a rate of 0.00% and maturing on 8 March 2025; while the Class 3 Notes were issued for a nominal amount of US$60,000,000 with a rate of 5.00% and maturing on 8 March 2032.

The proceeds of the placement will be used to finance the construction, installation, commissioning, operation and maintenance of the 360 Energy La Rioja II Photovoltaic Solar Park.

The Class 2 and Class 3 Notes were issued in line with the four main components of the International Capital Market Association’s Green Bond Principles, following the ‘Guidelines for the Issuance of Social, Green and Sustainable Marketable Securities in Argentina’ and the Social, Green and Sustainable Bonds Guide of the Argentinean Stock Exchange and Markets Panel (ByMA). Thus, in the green bond evaluation carried out by FIX SCR S.A., the Negotiable Obligations have been rated ‘BV1 (arg)’.

Furthermore, the Class 2 and 3 Notes were authorised for listing on the ByMA Green Panel and for trading on the Mercado Abierto Electrónico (MAE).

Banco Itaú Argentina acted as arranger; while Itaú Valores, Banco Itaú Argentina, Balanz Capital Valores, Invertir en Bolsa, BACS Banco de Crédito y Securitización, Banco Hipotecario, Banco de Servicios y Transacciones, and PP Inversiones acted as placement agents.

360 Energy Solar is one of the pioneering companies in the solar energy sector and one of the leaders in renewable energy in Argentina, focused on the development, technological research, commercialisation, construction, operation and maintenance of solar parks.

Lucrecia Silvestroni and Evelina Anderson acted as in-house counsels for 360 Energy Solar. María Cecilia Victoria and Sonia Lannutti acted as in-house lawyers for Banco Itaú Argentina and Itaú Valores, respectively.

Bruchou’s team was led by partner Alejandro Perelsztein (pictured left), with support from associates Leandro Belusci, Josefina Mortola Saiach and Sofía Maselli.

TRSYM’s team included partner Marcelo Tavarone (pictured right) and associates Ximena Sumaria, Quimey Lia Waisten and Ramiro Catena.