Rebaza, Alcázar & De Las Casas advised La Virgen on signing a $80 million project finance facility granted by CAF and DEG.
La Virgen S.A. is a hydropower plant developer in Peru, co-owned by Alupar from Brazil and Perene from Peru. The company is tasked with the construction, operation and maintanance of a hydroelectric power generation project with 84MW capacity in Junín, a province in Peru.
The facility was granted by Corporación Andina de Fomento (CAF) and the German Investment and Development Corporation (DEG). It will be used to repay the three bridge loans given by the Peruvian Development bank COFIDE, Banco Santander Panama and Cayman Islands branch of Banco Santander Brasil. The transaction includes a package of collaterals, such as an accounts pledge agreement, a trust over assets and a trust over accounts, mortgages over the concessions, a corporate guarantee, among others.
Partners Alberto Rebaza, Maria Luisa Peña and Luis Miguel Elías led the Rebaza, Alcázar & De Las Casas team advising La Virgen. The company instructed Linklaters as US counsel.
The lenders in the project finance, CAF and DEG, retained CMS Grau in Peru, White & Case in the US and Veirano in Brazil.