Clifford Chance

Clifford Chance advises IDB Invest in connection with the first financing of battery storage assets in Central America

Leading international law firm Clifford Chance advised IDB Invest on the financing to Neoen SA for two battery storage projects with a total capacity of 11MW and 8 MWh to be installed at the existing Capella and Providencia solar plants in El Salvador. The batteries will provide primary and secondary reserve services for the plants, which will result in substantial operational savings for the projects.

The combined financing will be provided by IDB Invest with funds from the Canadian Climate Fund for the Private Sector of the Americas – Phase II. The project is expected to result in the reduction of CO2 emissions by an estimated 5,000 metric tonnes per year, avoiding the use of fossil fuel power plants for ancillary services.

Lead partner Fabricio Longhin commented: "We are proud to have advised our long-time client IDB Invest on this novel financing. Our market-leading energy team is regularly involved in the transactions shaping energy transition in Latin America and we are proud to have advised on the first financing of battery storage assets in Central America."

Working with Fabricio on the firm's cross-border team were associates Greg Jehle and Luis Fortuño, in Washington, DC, and partner Delphine Siino Courtin, avocat Eric Lienard and jurist Maxence De Rouville in Paris.