Carey represents MRP in financial restructuring of projects
Carey has represented Mainstream Renewable Power (MRP) in the implementation of the financial restructuring of its portfolios of 10 non-conventional renewable energy generation projects and the renegotiation of a Mezzanine loan granted in relation to the projects.
The projects include: “Huemul” (630MW), “Condor” (591MW) and “Copihue” (148.5 MW), financed under project finance with various bank syndicates.
This transaction, closed on 14 November for USD 1.6 billion, is part of the judicial reorganisation processes initiated in Chile by Cóndor Energía and Huemul Energía, and under the Chapter 11 process initiated in the United States against certain MRP companies by one of its creditors. It also involved the jurisdictions of Chile, Norway, USA (New York), Ireland and Spain.
Other participating firms were White & Case, as counsel to MRP in the US; Paul Hastings, as counsel to the lenders in New York; Morales & Besa and PPU as local counsel to the lenders; Barros & Errázuriz as local counsel to the Mezzanine lenders; Cuatrecasas as counsel to MRP in Spain; and Vinson & Elkins, as counsel to the Mezzanine lenders in the US; as well as Matheson, Arthur Cox and Garrigues.
This advice is a continuation of the advice provided by the firm to MRP which ended with the initiation of the reorganisation processes indicated above. The transaction involved the negotiation and execution of documents necessary for the termination of VAT financings and associated guarantees governed by Chilean law, the amendment of a number of project finance financing documents, the amendment and negotiation of new contracts under the Mezzanine financing and the implementation and execution of various activities and contracts in compliance with the provisions of the respective judicial reorganisation plans and Chapter 11 process noted above, all of which are governed by New York or Chilean law.
Mainstream is a non-conventional renewable energy producer and thanks to this restructuring, the company will be able to face the complex scenario that the industry is currently experiencing and continue to develop and operate its projects in line with the policy of decarbonisation of the national energy matrix.
Mariangel Mandiola, Teresita González and Kristine Hjertenæs acted as in-house counsels to MRP.
White & Case’s team included partners Elena Millerman and Emilio Grandio, law clerk Helena Buitrago, and associates Jesse Fleck, Jared Metzker and Cody Lehrer.
Paul Hastings’ team consisted of partner Alexandro Padrés and associates Ana Pérez, Eduardo Morandé and Rita Ghanem.
Morales & Besa team was composed of partner José Miguel Carvajal, assisted by associates José Manuel Meli, Felipe Cousiño and María Schafer.
PPU’s team was comprised of partner Marcela Silva, together with associates Pedro Pablo Valenzuela, Nicole Bercovich, Dominga Brito, Mario Fava, Mario Mozó, Ariel Castillo and María Ignacia Silva.
B&E’s team formed by partners Francisco de la Barra and Enrique Barros, and associates Eugenia Portugal, Patricia Rivas and Camila Rubio.
Cuatrecasas’ team was represented by partner Patricia Álvarez, principal associate Julia Signes and lawyer Víctor Utges.
Vinson & Elkins’ team included partners Alex Cross and Todd Triller, as well as senior associate Kim Dalrymple.
Carey’s team was led by partners Felipe Moro (pictured left) and Julio Recordon (pictured right), with support from associates Carmenmaría Poblete, Ignacio Alfaro, Diego Lasagna, Constanza Rivera, José Luis Enberg, Felipe Reyes, María Paz Arteaga, Tomás Águila and Magdalena Menchaca.
