Anna Gouvea, Jose Prado and Alexandre Sales Cabral Arlota,

Multiple firms act in first dollar-indexed loan granted by BNDES

Machado Meyer, Mattos Filho, Tauil & Chequer Advogados associated with Mayer Brown and other international firms acted in structuring the first US dollar-indexed loan granted by BNDES for a solar project, totaling approximately US$210.5 million.

The financing will go towards the development and implementation of the “Complexo Solar Boa Sorte” developed by Atlas Renewable Energy, which involved the issuance of bank letters of guarantee by IBBA and CACIB. In addition to its complexity, the BNDES loan and the letters of guarantee also relied on foreign guarantees governed by New York law.

The complex consists of 8 photovoltaic power plants located in the city of Paracatu, state of Minas Gerais, Brazil, with a combined estimated installed capacity of 350 MWac. In addition, it includes an associated connection system consisting of a 138 kV collector substation and a 138 kV transmission line (single circuit) about 25.13 km long. The project is led by Atlas Renewable Energy, the largest renewable energy Independent Power Producer (IPP) in Latin America, operating one of the largest fleets of solar projects in the Americas, reaching 2.3 GW of operational projects and a total of approximately 3.5 GWs of contracted projects in development, construction and operation.

Tauil & Chequer Advogados associated with Mayer Brown in Chicago advised Banco Credit Agricole Brasil (CACIB) and Itaú BBA (IBBA) as guarantors and had a team led by counsel Anna Gouvea (pictured left) and partner Eduardo Lima, associates Beatriz Lavigne and Wilson Jung. At Mayer Brown’s Chicago office, the operation was led by Daniel P. Whitmore.

Machado Meyer advised Atlas Renewable Energy, Atlas Boa Sorte Comercializadora de Energia, Atlas Brasil Energia Holding 3, relied on led partners Jose Prado (pictured center), Luis Filipe Gentil Pedro, Paulo de Tarso do Carmo Machado; partners Bruna Marrara Martinez, Diana Pacifico Henne, Laura Garcia de Freitas Souza; lawyers Carolina Maronez Barreto, Heloisa Zerbinatti Sato and Rafaela Alencar Gomes were also involved at the work.

White & Case LLP worked in partnership with Machado Meyer.

Mattos Filho advised Hydro Rein Boa Sorte Holding BV and relied on partner Alexandre Sales Cabral Arlota (pictured right), Pablo Sorj, Bernardo Môcho, Felipe Rodrigues Caldas Feres, Sofia Peres Barbosa and associates Rafael Kasiarz, Pedro Katz, Artur Avilla de Faria Pereira, Giovanna Lima Kaiser and Antonio Oliveira.