Bruchou counsels Goldwind on $270m loan

Bruchou, Fernández, Madero & Lombardi has advised Goldwind and the lenders on the $270 million loan to Goldwind for the development of wind farms

 Bruchou, Fernández Madero & Lombardi has advised Goldwind, a Bejing-based multinational wind turbine manufacturer with operations in Argentina, and the lenders in the granting of certain loans in favour of Goldwind in an aggregate amount equivalent to $270 US million to refinance the funds duly granted for the development and construction of five wind farms.

Banco Santander, Hong Kong Branch, China Citic Bank International Limited (CITIC) and Bank of China Limited, Panama Branch, acted as lenders; while Citicorp International acted as agent and security agent and Citibank’s branch established in the Republic of Argentina acted as local security agent and trustee.

The wind farms to be developed with the loan proceeds are: Loma Blanca I Wind Farm, Loma Blanca II Wind Farm, Loma Blanca III Wind Farm, Loma Blanca Wind Farm, and Miramar Wind Farms. The loans were secured by a collateral package.

The transaction is notable for being a cross-border financing secured by Argentine companies, the complexities of the transaction, including compliance with the requirements established for mandatory refinancing plans promulgated by Communication “A” 7106 (as amended) of the Central Bank of Argentina, as well as the variety of jurisdictions and laws applicable to the relevant documents and the operational difficulties due to the timing and zones of the different parties and their advisors.

Bruchou advised Golwind and the lenders in Argentina; Mayer Brown acted as counsel to Goldwind in Hong Kong; Fangda Partners acted as counsel to Golwind in Shanghai; while counsel to the lenders were Baker & McKenzie in Hong Kong, and King & Wood Mallesons. Tanoira Cassagne Abogados acted as Argentina counsel to the agent, collateral agent and local collateral agent and trustee.

Bruchou’s team for Golwind was led by partners José Bazán (pitured top left) and Analía Battaglia (pictured bottom left), assisted by associates Ramón Augusto Poliche and Josefina Mortola Saiach. The team advising the lenders was composed of partner Alejandro Perelsztein (pictured right) and associates Leandro Exequiel Belusci and Sebastián Pereyra Pagiari.

Mayer Brown’s team comprised partners Hallam Chow and Boya Shen, together with associate Marcia Song.

Fangda Partners’ team consisted of partner Rock Wang and associates Jason Zhao and Ines Zang.

Baker & McKenzie’s team included partner Sally Hung and associates Leslie Tsoi and Karine Chan.

King & Wood Mallesons was represented by partner Stanley Zhou and associates Wanqing Sun and Minshu Huang.

Tanoira Cassagne Abogados was made up of partner Alexia Rosenthal and associate Ignacio Criado Díaz.

Bruchou counsels Goldwind on $270m loan

L Giselle Estrada

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