Cap Vert Energie international financing. Natixis New York Branch and Banco Security
1. Deal Description
Guerrero represented French energy developer Cap Vert Energie in the international financing process for refinancing a credit agreement with Banco Security, for the acquisition, construction and operation of six photovoltaic projects in Chile. All projects are small distributed generation projects (PMGDs).
In addition, Natixis, New York Branch, as Senior Lender, financed the acquisition of a photovoltaic project named Tricahue, owned by Solarpack Chile, and the future acquisition of other projects.
Also, the transaction included a VAT financing granted by Banco Security.
This transaction had multiple complexities including the number of projects to be financed (7 projects plus future acquisitions); and as the financing was to refinance the initial credit with Banco Security, we had to work on, first, the uprising of the initial collateral and then, in the granting of guarantees to Natixis, as Senior Lender and to Banco Security as VAT lender.
Finally, it is important to mention that the transaction was executed in a very short time frame due to the client’s requests and in the middle of the Chilean social crisis, especially in relation to the amendment of the legal frame that suspended the increase of the electric fares. Therefore, we had to study the possible impact on PMGD projects and in the specific banking financing scheme.
2. Counsel list
Local counsel to Cap Vert Energie: Guerrero Olivos
Partner Sebastián Yunge. Senior associates: Gabriela Correa, Benjamín Novoa and Felipe Frühling. Associate Antonia Namur
International counsel to Cap Vert Energie: Orrick Herrington & Sutcliffe LLP
Partner William S. Haft. Counsel Ramón Galvan. Associate Kelsi Cronkhite
International counsel to Natixis New York Branch: Milbank LLP
Partner Jaime E. Ramírez. Associates Eusebius Luk and Alejandro Ruiz.
Local counsel to Natixis New York Branch: Garrigues
Partner Pedro García Senior. Senior associate Antonio Morales. Associates Esteban Orhanvic and María Francisca Correa
Banco Security’s in-house counsel: Ignacio Delpino
3. Date of closing
4. Deal value
USD96,000,000 (Senior Loan: USD80,000,000. DSRA LC loan: USD 6,800,000. VAT Loan: USD9,200,000)
5. Jurisdictions involved
Chile and New York