CC assists in $656bn financing for Solarpack
Clifford Chance has assisted IDB Invest and Bancolombia in a $656 billion multi-tranche, multi-currency financing to developer Solarpack to finance solar PV projects in Colombia.
This is the largest financing of solar plants in Colombia to date and also the first financing of projects awarded under the country’s renewable energy auction.
The loan will support the development of two plants, La Unión and La Mata, with nominal capacities of 108MW and 144MW, respectively. The plants are expected to be operational by mid-2023. Together, they will produce a combined energy output of 440GWh per year, equivalent to the electricity consumption of more than 230,000 homes. The development of these projects will eliminate the emission of 84 tonnes of CO2 per year.
“Colombia is one of nine countries in Latin America working towards a target of 70% renewable energy use by 2030, and we are proud to advise on a project that supports that goal of a sustainable future,” commented special legal consultant Alejandro León.
CC’s team consisted of partner Fabricio Longhin (pictured left), special legal consultant Alejandro León (pictured right), foreign law clerk Juan Pablo Ávila and law clerk Pedro Buchanan.
