Cap Vert Energie. Natixis Project Finance. Second Disbursement

1.      Deal Description

Guerrero Olivos represented French energy developer in the negotiation and financing for the construction and operation of 2 photovoltaic projects named Citrino y Pilpilen, both small distributed generation projects (PMGD).

Natixis New York Bank, Siemens Financial Services, Inc., Harel Insurance Company, Ltd. and Harel Non-Traded Credit Basket Foreign Currency Limited Partnership, acted as Senior Lenders. Sumitomo Mitsui Trust Bank, Limited as the Trust Administrator and Banco Security as VAT lender.

The financing also included a Stand By Letter of Credit issued by Natixis New York Branch for maintaining the Debt Service Reserve Account.

The transaction also included VAT financing which was granted by local bank Banco Security.

Complexity to this transaction was the closing took place in the middle of the sanitary crisis. We had to close the transaction within a very short time frame due the lockdown of Santiago was imminent. Also, most part of the work was made via home office and video conference.

 2.      Counsel list

Counsel to Cap Vert Energie: Guerrero Olivos

Partner: Sebastián Yunge 

Senior associates Gabriela Correa, Benjamín Novoa and Felipe Frühling. Associate Antonia Namur

Foreign cousel to Cap Vert Energie: Orrick Herrington & Sutcliffe LLP Partner William S. Haft, counsel Ramón Galvan and associate Kelsi Cronkhite.

Cap Vert Energie Chile’s in-house counsel: Erich Schnake

Foreign counsel to Natixis New York Branch: Milbank LLP

Partner Jaime E. Ramírez. Associates Mimi Powell, Victoria Xie and Alejandro Ruiz.

Local counsel to Natixis New York Branch: Garrigues

Partner Pedro García. Senior Associate Antonio Morales and associates Esteban Orhanvic and María Francisca Correa.

Banco Security’s in-house counsel: Ignacio Delpino

3.      Date of closing


4.      Deal Value

The deal is part of the USD100 million acquisition, construction and operation plan of six photovoltaic projects in Chile. All projects are small distributed generation projects (PMGDs). This is second disbursement amount to USD5 million approximately and is part of the overall acquisition.

5.      Jurisdictions involved

Chile and New York