Garrigues and CC on loan for Ergon acquisition
Garrigues Peru and Clifford Chance have advised Sumitomo Mitsui Banking Corporation on the closing of a Credit Agreement for Ashmore Renewables.
The loan proceeds were used to finance the acquisition of Ergon Peru and its operating arm, TRE Peru, two key companies in the Peruvian energy sector. Ashmore Renewables acquired all stakes in these companies from Tozzi Green and Gardini 2002.
The transaction includes two fully operational rural electrification concessions dedicated to the installation, operation and maintenance of photovoltaic systems located in off-grid communities, schools and health centres in underserved areas of Peru.
Both Ergon Peru and TRE Peru have extensive experience working in the energy sector, contributing significantly to the development of renewable energy projects in Peru. These strategic acquisitions, supported by structured financing, reinforce Ashmore Renewables’ commitment to the growth and sustainable development of the energy sector in the country.
The transaction, signed on 12 August and closed on 16 October, also included the participation of Cuatrecasas and A&O Shearman as advisors to the borrower, locally and internationally, respectively.
Garrigues’ team included partner Diego Harman (pictured left), and associates Carolina Perez-Taiman and José Ignacio Porto.
Clifford Chance’s team consisted of partner Alberto Haito (pictured right) in Washington, DC and associates Joyce Moore and David Rondon in New York. Partner Darren Littlejohn and associates Andrew Des Rault, Isabel Hager Johnson and Shuhan Liu in New York advised on derivatives.
Cuatrecasas’ team comprised partners Oscar Trelles and Kiomi Osorio, and associate Luis Enrique Baca.
A&O Shearman’s team was represented by partner Augusto Ruiloba and associate Ana Gabriela Martinez.
