Clifford Chance acts for Allianz Global Investors on Peru wind farm refinancing

Clifford Chance advised Allianz Global Investors in connection with a fixed-rate $250 million, 18-year private placement to refinance the Parque Eólico Marcona and Parque Eólico Tres Hermanas (pictured) wind farms in Peru. 

Credit Suisse Securities acted as the sole placement agent and bookrunner of the notes to AllianzGI, which made the investment on behalf of its clients.

The sponsor, Sigma Fondo de Inversión en Infraestructura, is one of the largest investment fund managers in Peru. The wind farms are located in the Marcona district in the province of Nazca in Peru, and collectively generated over 60 per cent of the total wind energy generated in Peru during 2017.

The projects have long-term power supply and concession agreements with the Peruvian government, represented by the Ministry of Energy.

“Private placements are becoming increasingly common for the financing and refinancing of energy and infrastructure assets,” Clifford Chance’s banking and finance partner Gianluca Bacchiocchi, who led on the deal, said.

“Institutional investors are gravitating towards private placements because they offer more tailored terms and conditions,” he added.

Lead associate Luis Maria Clouet added, “One of the key challenges in this transaction was that it involved a simultaneous acquisition by Sigma of the remaining percentage of the project companies it did not own from Cobra, a subsidiary of the ACS Group, and a refinancing of the existing debt of both wind farms.”

The firm’s team also included capital markets partner Hugo Triaca and law clerk Kiara Spoerer.