Clifford Chance advises on loan for renewable energy projects in Dominican Republic
Clifford Chance has advised the joint lead arrangers on an A/B loan financing provided to AES Dominicana Renewable Energy, Agua Clara and I.E. DR Projects I, to support renewable energy projects in the Dominican Republic.
IDB Invest, JP Morgan Chase Bank, Banco Latinoamericano de Comercio Exterior, and The Bank of Nova Scotia acted as joint lead arrangers.
The total cost of the project is approximately USD 450 million. The funds will be used to (i) finance the design, construction, operation and maintenance of three greenfield solar projects totalling 240 MW of installed capacity, and (ii) refinance existing facilities related to wind and solar farms totalling 150 MW of installed capacity. This transaction represents the largest financing for renewable energy projects for a Caribbean economy.
Clifford Chance’s team included partner Fabricio Longhin (pictured), counsel Kate McCarthy and Patricio Abal, associates Mariana Gutierrez Ruiz and Brianna Jones Rich, and foreign law clerk Juan Andrés Bosch Muñoz. Partner Hugo Triaca and associates Andrés Berry and David Rondon advised the participants in the A/B loan; partner Darren Littlejohn and associate Elizabeth Kennedy advised the hedge providers; partner Avrohom Gelber and associate Wei Bin Tan provided tax support and partner Paul Koppel and associate Thomas Koh advised on ERISA matters.
