SunPower returned to Carey for counsel on the financing of Total SunPower El Pelícano, a photovoltaic plant in Coquimbo, northern Chile.
A syndicate of banks including Crédit Agricole, The Bank of Tokyo-Mitsubishi UFJ, Sumitomo Mitsui and Korea Development Bank, have agreed to finance the project with a construction loan convertible into a long-term loan, which includes the issuance of letters of credit, of approximately $200 million.
Additionally, Banco de Crédito de Inversiones agreed to provide financing for the Value Added Tax of the project with a $22 million loan. This bank also entered into a credit agreement with Total SunPower El Pelícano for the issuance of bank bonds, in order to secure prompt payment of certain obligations under specific contracts, such as the Metro Power Purchase Agreement.
SunPower is a renewable energy company majority-owned by Total, it owns Total SunPower El Pelícano. The company also recently instructed Carey on a power purchase agreement for Santiago’s metro system.
Partners Francisco Ugarte and Felipe Moro led the Carey lawyers advising SunPower on the power plant financing. The energy company retained White & Case as NY counsel.
The banks instructed Chadbourne & Park for NY law and Morales & Besa as local Chilean counsel.