Carey and Clifford Chance on $345m Grenergy financing

Carey and Clifford Chance have advised Grenergy Renovables on the USD $345 million financing of phases 1 and 2 of the Oasis de Atacama project.

The financing was provided by a conglomerate of banks under a project finance arrangement for the construction and operation of a solar photovoltaic power project. The transaction also included the payment of a local loan contracted by Grenergy.

This transaction was closed on 7 July and included the Chilean and US jurisdictions. Garrigues and Milbank acted as advisors to the lenders locally and in the US, respectively.

The construction of the Oasis de Atacama project represents a milestone for the Latin American market, comprising 220 MWp of solar power capacity and 1.24 GWh of storage. It is also the largest storage project in the world and is expected to provide renewable energy to more than 145,000 households per year.

BNP Paribas, Natixis Corporate & Investment Banking, Société Générale, The Bank of Nova Scotia and Sumitomo Mitsui Banking Corporation acted as lenders.

Yocelín Quispe Burgeño advised Grenergy in-house.

Carey’s team was led by partner Felipe Moro (pictured left), with support from associates José Luis Enberg, Felipe Reyes and Tomás Águila.

Clifford Chance’s team included partner José Guardo (pictured right), counsel Eduardo Sánchez, and associates Alejandro Cubilo and Elena Euba Hernández.

Garrigues’ team comprised partner Antonio Morales, and associates Sebastián Nieme and Vicente Milic.

Milbank’s team consisted of partner Jaime Ramírez, and associates Daniel Ríos and Raul Pérez.