Pérez-Llorca assists in Peninsula debt refinancing
Pérez-Llorca México has assisted the lenders in a debt refinancing of Energía Renovable de la Peninsula (Peninsula).
The refinancing was structured through a private placement of bonds maturing in 2039. It also included a letter of credit facility extended by Crédit Agricole.
The letters of credit will be used to fund the bond debt service reserve and an operation and maintenance reserve for the project.
This transaction was completed on August 28, and involved the Mexican and US (New York) jurisdictions. Milbank advised the lenders in the US, while Baker McKenzie acted as US, Mexican and Spanish counsel to the borrower and sponsors.
Energía Renovable de la Peninsula is a vehicle formed by Dragados, Envision and Vive Energía and owns a 90 MW wind farm in Yucatán, Mexico, which supplies energy, power and clean energy certificates (CELs) to the Comisión Federal de Electricidad, who purchases under long-term hedging contracts.
Pérez-Llorca’s team consisted of partners Jorge Cervantes Trejo (pictured left) and Bernardo Reyes Retana Krieger (pictured centre), appointed partner and managing senior associate Jerónimo Ramos Arozarena (pictured right), associates Victor Manuel Cruz Carreón, Daniel E. Polonsky Mamiye, Pablo Suárez Martin, Francisco Javier Alvarez Campos and Andrés Marcelo Yépiz, and law clerk Isadora Sánchez Lavalle.
