Sonnedix Group International Financing. Natixis, New York Branch
1. Deal Description
Guerrero Olivos represented Natixis, New York Branch, in the international financing granted to Sonnedix Group for the four initial solar photovoltaic (“PV”), of an expected 100 MWp portfolio of approximately 20 solar PV plants in Chile (the “Sonnedix PMGD Portfolio”).
The Sonnedix PMGD Portfolio consists of solar photovoltaic projects that operate under Chile’s special regime for distributed generation projects (the “PMGD” regime by its Spanish acronym). PMGD projects are entitled to be remunerated for their generation at a regulated stabilized price. The four initial solar PV plants in the Sonnedix PMGD Portfolio have total capacity of 25 MWp. The financing structure provides Sonnedix with the flexibility to add additional solar PV PMGD projects to the portfolio, subject to meeting pre-defined eligibility criteria.
Sonnedix Power Holdings Limited (together with its subsidiaries, Sonnedix) is an Independent Solar Power Producer (IPP) with a proven track record in delivering high performance cost competitive solar photovoltaic plants to the market. Sonnedix develops, builds, owns and operates solar power plants globally, including over 1GW of photovoltaic power plants in operation, as well as several hundred MW under development, in Italy, France, Spain, USA/Puerto Rico, Chile, South Africa and Japan.
Natixis is a French multinational financial services firm specialized in asset & wealth management, corporate & investment banking, insurance and payments. A subsidiary of Groupe BPCE, the second-largest banking group in France through its two-retail banking networks, Banque Populaire and Caisse d'Epargne.
Complexity to this transaction was the thorough analysis and due diligence we had to conduct and the structuring of the financing and the collateral associated to the credit facility. In addition, the closing took place in the middle of the sanitary crisis and the mandatory lockdown in Santiago.
In addition, the transaction included the access of a new lender under the credit agreement, previous closing. This required additional negotiations to adjust the financing documents to the new standards of the new lender.
2. Counsel list
Counsel to Natixis, New York Branch: Guerrero Olivos
Partners: Sebastián Abogabir, Macarena Ravinet and Miguel Coddou
Associates: Felipe Frühling, Francisca Pellegrini, Tomás Montes, Antonia Namur, Pilar Illanes and Antonia Ibarra
International counsel to Natixis, New York Branch: Mayer Brown
Partner Christopher Eckert
Associate: Agustín Ferrari
International counsel to Sonnedix Group: Milbank, LLP
Partner Jaime Ramirez
Associates Steven Saracco and Victoria Xie
Local counsel to Sonnedix Group: Morales & Besa
Partner Carlos Silva
Associates: Sebastián Nieme and Javier Balbontín
Counsel to Siemens Financial Services: Baker & Mckenzie
Partner Sebastián Vivanco
Associate José Ignacio Berner
3. Date of closing
4. Deal Value
USD87 million. First disbursement USD20 million approximately.
5. Jurisdictions involved
Chile and New York