24 October 2017
Clifford Chance advises on financing for the El Corti wind farm project, part of Argentina's RenovAR program
Clifford Chance advised the Inter-American Investment Corporation ("IIC"), Banco Santander and ICBC in connection with the financing of the 98.5MW El Corti wind farm in Bahia Blanca, Argentina. The US$104 million loan package provided to an affiliate of Pampa Energía S.A. and Castlelake LP was the first financing by international lenders to a project developed under the RenovAr renewable energy program in Argentina. IIC provided an A loan of US$31.5 million while Banco Santander and ICBC teamed up to fund a B Loan of US$72.5 million. Both loans have a 9-year door-to-door tenor, which is a significant positive development for the Argentine loan market.
"After three very successful RenovAr rounds, the market was eager to see the awarded projects starting to secure long-term funding" said Energy and Infrastructure partner Fabricio Longhin. "We are working with sponsors and international lenders on nine RenovAr financings, and are very happy to see the first one reach financial close." The Firm's team also included associates Patricio Abal, Julian Hurtado and Greg Jehle.
Clifford Chance has been recognized for decades as a preeminent law firm in Latin America, well known for successful, novel financing structures and its ability to drive innovation across the region. The Firm's dedicated Energy and Infrastructure team is comprised of bilingual and culturally fluent lawyers who understand Latin America's distinct business, legal and regulatory landscapes, as well as the evolving needs of a diverse client base. Led by Longhin, the Firm advised Argentina's Ministry of Energy and Mines on the RenovAr documentation under the institutional umbrella of the International Finance Corporation, and is now assisting Argentina's Ministry of Finance and its newly created PPP Unit on the design and implementation of the country's upcoming PPP program, this time under the institutional umbrella of the Inter-American Investment Corporation and the Inter-American Development Bank.