L&W advises BlackRock on $75m financing to Solek
Latham & Watkins has advised BlackRock on the private placement of notes under Section 4(a)(2) of the Securities Act of 1933 for a portfolio of utility-scale and distributed generation solar projects developed by renewable energy company Solek, with BlackRock acting as the sole purchaser.
The financing provides for the issuance of deferred drawable notes, the proceeds of which will be used primarily to fund capital requirements under a separate multi-source financing project comprising several credit facilities and a private placement of debt to support Solek’s portfolio of solar power plants in Chile.
The firm also separately represented Banco de Crédito e Inversiones (BCI) as IVA lender, collateral agent and depository bank in the multi-source project financing.
Solek’s portfolio of projects under construction and operation of approximately 280 MWdc is located in the northern and central regions of Chile. It includes one commercial-scale PV farm and 29 solar projects under Chile’s Small Means of Distributed Generation (PMGD) distributed energy programme.
L&W’s team was led by partner Guido Liniado (pictured). Partner Elena Romanova also advised on tax matters.
