Claro assists in financing for Andes Solar III
Claro & Cía. has assisted in the closing of a $280 million senior secured financing package for Andes Solar III, a Chilean renewable energy subsidiary of AES Andes, to finance the development, construction and operation of its solar photovoltaic and battery energy storage system (BESS) project located in the Antofagasta Region of Chile.
The financing includes a US$265 million term loan and US$15 million in debt service reserve letters of credit (DSR).
The first phase of the project will have a solar generation capacity of approximately 171 MWac (175.95 MWp) along with a 171 MW battery storage system capable of supplying power to the grid for up to three hours, improving energy stability and reliability in the region.
The financing was structured under New York law, with HSBC Bank USA acting as Administrative Agent and Offshore Collateral Agent, and HSBC Bank (Chile) as Onshore Collateral Agent. Crédit Agricole Corporate and Investment Bank acted as Global Coordinator and Joint Arranger, with Banco Bilbao Vizcaya Argentaria, BNP Paribas, DNB Bank ASA, Société Générale and Sumitomo Mitsui Banking Corporation as Joint Arrangers.
Claro’s team was led by partners Ariel Mihovilovic (pictured left), José Luis Ambrosy (pictured right) and Nicolás Eyzaguirre, with the support of associates Matías López, Camila Bartucevic, Ximena Vargas, Bastián Cabrera, Joaquín Calderón, Consuelo Sboccia and Antonia Espinosa.
