Carey and PPU instructed on wind farm financing
Carey advised Banco Security on extending a $15 million credit facility to Parque Eólico Cabo Leones I.
Proceeds of the loan will be used for the financing of value added tax (VAT) payments associated to the development, construction and initial operation of a 115.5 MW AC wind power plant and a 33-220 KV associated electrical substation located in the Atacama region in Chile.
The VAT financing contemplated the granting of several security interests and the negotiation and execution of a Subordination and Intercreditor Agreement and a Collateral Agency Agreement both subject to the laws of the State of New York, to regulate the relation among Banco Security as VAT lender and the senior lenders under the senior credit facility granted for the construction, initial operation and related expenses of the Project.
Banco Security is part of the Chilean financial conglomerate Grupo Security.
Partners Felipe Moro and Juan Pablo Stitchkin led the Carey team acting for Banco Security. The bank retained Chadbourne as New York counsel with partner Margarita Oliva in the lead.
The senior lenders instructed Milbank in New York and Morales & Besa in Chile.
Parque Eólico Cabo Leones (part of EDF Energies Nouvelles) mandated a team at Philippi Prietocarrizosa Ferrero DU & Uría in Chile led by partner Andrés Sanfuentes. Linklaters provided international counsel to Parque Eólico Cabo Leones.
