29 January 2015
São Paulo-based Clifford Chance team advises IFC on US$400 million "green" loan facility
Clifford Chance has advised International Finance Corporation with respect to a US$400 million A/B/Parallel "green" loan facility extended to Itaú Unibanco. The facility is split between a five-year $100 million A tranche, provided by IFC, and a three-year $300 million B tranche, funded equally by Bank of America, Commerzbank and Mizuho. The loan, which Itaú will use to finance a variety of projects relating to renewable energy, water capture and treatment, energy efficiency and greenhouse gas reduction, is the largest of its kind raised by a Latin American bank dedicated to supporting these types of projects.
A member of the World Bank Group, IFC is the largest global development institution focused exclusively on the private sector in developing countries. Itaú is the largest Latin American bank and one of the largest in the world, with operations in 20 countries throughout the Americas, Asia and Europe.
The Clifford Chance team advising IFC on this matter is led by partner Chris Willott and includes associates José Cobeña and Richard Mailey. Machado Meyer and Higgs & Johnson served as Brazilian and Bahamian counsel, respectively.