Aguas Pacífico. Project Finance
1. Deal Description
Guerrero Olivos advised the group of banks on the USD883M financing of two projects: the Aconcagua desalination plant with a capacity of 1,000 l/s, and the San Isidro Quilapilún aqueduct in the Valparaiso and Metropolitan regions of Chile. This marks the first financing in Chile for a multi-client desalination plant.
The advisory involved an intensive due diligence process for the project, the review of various contracts (including WPA, WTA, PPA, and EPCs), negotiation of credit and VAT financing agreements, examination of records and contracts for the use of lands owned by more than 150 different proprietors, among other diverse aspects. Additionally, it entailed supporting the various banks with their specific requirements.
Our financing team collaborated with the energy, environmental, real estate, tax, water rights and desalination, administrative, and corporate areas.
2. Counsel list
Counsel to the “Banks”: Sumitomo Mitsui Banking Corporation, Banco de Crédito e Inversiones, BNP Paribas Securities Corp., DNB Bank ASA, Natixis, New York Branch, Sumitomo Mitsui Banking Corporation, Mizuho Bank, Ltd., Banco Bice, Scotia and Société Générale: Guerrero Olivos
Lead partners: Benjamín Pérez and Miguel Coddou
Partners: Benjamín Novoa, Sebastián Abogabir, José Gabriel Undurraga, Alejandro Chechilnitzky, and Felipe Frühling
Associates: Macarena Montt, Francisca Pellegrini, Teresa Trucco, Loreto Cruz, Sebastián Mozó, Sebastián Marambio, Ignacio Chomalí, Catalina Saldías, Juan Ignacio Peribonio, Mara Stuardo, Benjamín Sims, Antonia Amunátegui, Roberto Burgos, Cristián Ibarboure, Joaquín Rojas, and Javiera González
International counsel to the Banks: Paul Hastings
International counsel to Patria Investments: Milbank
Local cousel to Patria Investments: Carey y Cía.
3. Date of closing
15/12/2023
4. Deal Value
USD883 million
5. Jurisdictions involved
Chile and USA