Clifford Chance

Clifford Chance advises on financing of the Altiplano-La Puna solar project, part of Argentina's RenovAr program

Clifford Chance represented a group of commercial and development finance institution lenders in connection with the approximately US$234 million financing of the 208 MWp Altiplano-La Puna solar project in the province of Salta, Argentina. The project will be developed by Neoen S.A.

The financing includes an uncovered tranche provided by Proparco and DEG and covered tranche provided by Société Générale and KfW under the umbrella of French export credit agency Bpifrance Assurance Export S.A.S. ("BPI"). This is the first transaction in Argentina backed by a buyer credit guarantee from BPI.

The Firm's cross-office team was led out of the Washington, DC office by partner Fabricio Longhin and included:

• associates Patricio Abal, Greg Jehle and Pablo Fekete in Washington, DC
• partner Dr. Christof Häfner and associate Yan Ma in Frankfurt
• senior associate Ed Bretherton and André de Sousa Vieira, and associates William Adams and Da Kyung Kwon in London
• partner Delphine Siino Courtin and counsel Sophie Guilhem-Ducléon in Paris

Partner Catherine McCarthy separately represented the BPI covered lenders out of Washington, DC. Clifford Chance previously advised on the Cafayate solar project in Salta, the first solar project developed in that province. The Cafayate solar project was recently named as the LatAm Project Finance Deal of the Year at the 16th Power Finance & Risk Annual Deals and Firms of the Year Awards.

Clifford Chance's leading Latin America Energy and Infrastructure group helped develop the template PPA for Argentina's RenovAr program and has closed more than a dozen solar and wind project financings, with several other financings under way. The country has set an ambitious goal of growing renewables to 20% of its national energy matrix by 2025.