Milbank advised Neoen in financing of first solar power plant in El Salvador
Milbank, Tweed, Hadley & McCloy advised French renewable energy company Neoen on negotiating a $117 million financing from the Inter-American Development Bank.
Neoen owns Providencia Solar, a company created in El Salvador to build and operate the 79.8-megawatt plant. The 250,000-panel solar facility, located in the department of La Paz, is the first in El Salvador to connect directly to the country’s grid and is expected to produce electricity for more than 150,000 homes. Upon completion in 2017, it will be one of the largest solar facilities in Central America.
The Inter-American Investment Corporation (IIC), acting on behalf of the Inter-American Development Bank provided the finance.
Partner Phillip Fletcher led the Milbank team advising Neoen and Providencia Solar.
Neoen also instructed De Pardieu Brocas Maffei for French law issues.