Carey counsels Cóndor and Huemul on Renewable Energy development

Carey has advised Cóndor Inversiones and Huemul Inversiones on $280m loan

Carey assisted Cóndor Inversiones and Huemul Inversiones as guarantors on loan for up to USD280 million borrowed by Mainstream Renewable Power Mezzanine Finance DAC and granted by AMP Capital group. Certain guarantees are granted in favour of Wilmington Trust, National Association, as collateral agent, for the financing of part of the capital contributions of the borrower. That might include construction costs, funding of accounts and payment of certain expenses, of the wind and solar energy projects that are being developed or will be developed in the future in Chile by the subsidiaries of Cóndor Energía, Huemul Energía and Puelche Sur Eólica.

This operation is part of the second phase of the Andes Renovables platform, a 1.3 gigawatt project. The Senior financing of this platform has been provided by a consortium of five banks: IDB Invest, KfW IPEX-Bank, DNB, CaixaBank and MUFG, which to date has raised $1.25bn in financing.
Thus became one of the largest renewable energy debt financing deals undertaken in the world this year. A sixth bank, Santander, provided a VAT facility.

Carey team was led by Banking partner Felipe Moro (pictured), and involved associates Fernanda Valdés, Fernando Noriega and Rafael Mackay.