Morimor represents Greenwood in financing of solar farm

Morgan & Morgan Legal has represented Greenwood Energy Central America Corp (Greenwood), in the financing for the development, construction and commissioning of a generation park of up to 40 MWp.

The project, located in David, Chiriqui, will be comprised of four solar photovoltaic plants, for the sale of renewable energy to the University of Panama.

The financing, which was granted by Global Bank Corporation, amounts to US$30,000,000. The generation licenses of each of Greenwood’s subsidiaries that will develop the four plants, as well as the flows received by Greenwood under the Power Purchase Agreement (PPA) with the University of Panama, the solar panels and other movable assets and material contracts that are part of the Project, will serve as collateral for the repayment of the facility with Global Bank Corporation, through a guarantee trust constituted by and between Greenwood, its four subsidiaries and Global Financial Funds, as trustee.

The firm also advised on the negotiation of the Engineering, Procurement and Construction Agreement (EPC) and the Operations and Maintenance Agreement (O&M), under which the four solar plants forming part of the Project will be designed, constructed, operated and maintained.

In addition to the supply of renewable energy to the University of Panama, as a result of the Project, Greenwood will maintain a relationship of academic cooperation and technical assistance for the benefit of the students of the University of Panama. This relationship involves the promotion of study and research on renewable energy through a theoretical-practical system that will allow the University of Panama to acquire and transfer knowledge to its students, which will promote environmental protection and sustainable development.

Morimor’s team was composed of partner Ana Carolina Castillo (pictured left) and international associate Miguel Arias M. (pictured right).