Clifford Chance

Clifford Chance advises Reden Development Chile in connection with the portfolio financing of PMGD PV projects

Washington, DC: Leading international law firm Clifford Chance advised Reden Development Chile SpA (Reden Development Chile), in connection with the approximately US$81 million portfolio financing provided by Natixis, for the construction and development of more than 10 solar photovoltaic projects with a combined capacity of 100 MW once fully constructed and operational.

The portfolio consists of solar photovoltaic projects, which are small distributed generation projects with a capacity of 3-9 MW, that operate under Chile’s Pequeños Medios de Generación Distribuida (PMGD). PMGD projects are entitled to be remunerated for their generation at a regulated stabilized price which is calculated by the Chilean National Energy Commission. The PMGD program was created by the Chilean government in 2005 with the goal of incentivizing the development of distributed generation projects closer to the end users.

The Reden Group is an independent producer of photovoltaic renewable energy, focusing on the development, construction, and operation of photovoltaic power plants in seven countries.

DC-based partner Fabricio Longhin who led on the deal commented, "It's been a wonderful opportunity to work on a transaction related to the PMGD program. Our firm has advised on countless renewable energy projects in Chile and across the Latin American region, and we're pleased to have used our expertise to advise Reden Development Chile."

Alan Sakar, the senior associate on the deal said, "We are proud to have advised Reden Development Chile on this transaction, that will continue to enable the production of renewable energy in Chile and the region."

The wider team working on this transaction included counsel Greg Kahn in New York, Paris-based associate Guilhem Dardoize and trainee Paul Lancelot.