Mendoza acts in $172bn GreenYellow credit facility
Mendoza Abogados has acted as advisor in the transaction where the French multinational GreenYellow, through its subsidiary in Colombia, closed with Banco de Bogotá a loan for approximately 172 billion pesos for the first financing of a portfolio of solar power generation solar parks with an installed capacity of 85MWp.
The debt operation for this loan, closed on 11 March, was structured under the Project Finance system.
This new financing agreement allowed the refinancing of five solar farms located in the departments of Magdalena (Caimán Cienaguero), Meta (Versalles, Dinamarca, La Mena) and Córdoba (Alejandría), and two self-consumption projects in Sucre and Boyacá signed with a leading transport company in the hydrocarbon sector.
The financing was structured by GreenYellow Energía de Colombia through two Special Purpose Vehicles (GreenYellow Sunna and GreenYellow Guayacán) that arose from the merger of three different companies in the case of GreenYellow Sunna (Parque Solar Colombia II, GreenYellow Sunna and Parque Solar Colombia V), and from the purchase and sale of assets on four of the solar parks in the portfolio in the case of GreenYellow Guayacán (Caimán Cienaguero, Vasconia, Coveñas and Versalles). Likewise, for the financing, an autonomous patrimony was constituted as a source of payment and as a guarantee for the loan.
This operation generates a high impact as it is a milestone in Colombia in terms of financing renewable energy projects and, in addition, it links these photovoltaic generation parks with recognised companies as energy buyers. It is also estimated that this portfolio will generate around 2,200 jobs and that its operation will reduce the emission of 1,821,000 tonnes of CO2.
Mendoza’s team that has accompanied the structuring and implementation of this financing was led by Mateo Mendoza (pictured) and was supported by senior associate Pablo Cabarcas, intermediate associate Luis Tolosa, and associates Carlos Morón and Mariana Vanegas.
