Cuatrecasas represents Ashmore in majority acquisition in Bioena
Cuatrecasas, through its Bogotá team, has represented Ashmore in the acquisition of a majority stake in Bioena. Posse Herrera Ruiz (PHR) advised Bioena and its shareholders.
This is a landmark transaction, as Ashmore joins forces to implement the first wood pellet plant in Colombia for export to Europe, with the aim of producing renewable energy. The deal was signed on October 20 and closed on March 8.
The project is focused on sustainable development and the reduction of carbon emissions, as the pellets serve as an alternative source of solid fuel used in power generation plants, replacing coal as the primary fuel source.
This ratifies Ashmore’s commitment to sustainable projects and energy transition. In addition, the plant will generate jobs and economic and social development in the municipality of Algarrobo, Magdalena.
The firm has also advised Bioena on the negotiation of the project’s material contracts, including the BoS contract, timber supply contracts and pellet marketing contracts.
Bioena is a pioneer in the production and commercialization of sustainable biofuels in Colombia, being the first company to develop the production of sustainable wood pellets for decarbonization and global sustainability on a large scale in Colombia.
PHR’s team comprised partner Jaime Cubillos and lawyer Daniel Meza.
Cuatrecasas’ team included partners Felipe Mariño (pictured left) and Ana María Sánchez (pictured right), with support from senior associate Natalia Villamizar, and associates Juan Camilo Rangel, Alejandro Cepeda and Nicolás López.
