PPU advises on Innergex’s $710m green bond issue
Philippi Prietocarrizosa Ferrero DU & Uría has advised the purchasers on the issuance by Innergex, through Aela Generación, of US $710,000,000 green bonds payable in 2036 and a US $93.1 million letter of credit facility.
The transaction is aimed at refinancing a portfolio of assets including the San Andrés solar plant (50.6 MW) and the three Aela wind farms (332 MW), both acquired earlier this year, as well as the Licán (18 MW), Mampil (55 MW) and Peuchén (85 MW) hydro plants, and the Salvador solar farm (68 MW), along with a 50 MW/250 MWh BESS project currently under construction.
The closing of the transaction took place on 4 August, and marked an important transaction in the Chilean market, as it is an unprecedented USPP which proceeds will be used for the refinancing of a renewable portfolio such as Innergex.
PPU, in addition to advising the buyers locally, also acted as Chilean advisor to the existing lenders in the framework of the AELA wind farm financing. DLA Piper Chile acted as local counsel to the issuer; Paul Hastings LLP as NY counsel to the purchasers; and DLA US as NY counsel to the issuer.
Constanza Busquets acted as in-house counsel for Aela.
PPU’s team consisted of partners Marcelo Armas (pictured left) and Marcela Silva (pictured right), together with associates Daniel Parodi, Ignacio Chomalí, Juan Ignacio Rosales, Mario Fava, Mario Mozó, María Francisca Mendoza, Macarena Gaitán, Antonio Villarino, María Ignacia Silva, Franco Valenzuela, Valentina Bawarshi, Antonia Jorquera, Juan Pablo Zegers, Pedro Pablo Valenzuela and Nicole Bercovich.
