September 8, 2021
Clifford Chance advises on multi-currency, multi-tranche Colombian transmission line financing
Leading international law firm Clifford Chance has advised Ortiz Construcciones y Proyectos S.A. as the sponsor and Energía de Colombia STR S.A.S. E.S.P. as the concessionaire on the development and financing of the 23 km Atlántico transmission line and related works in certain sub-stations (Sistema de Transmisión Regional - STR) in the Department of Atlántico, Colombia. The financing was structured as a multi-currency and multi-tranche facility with a US Dollar denominated tranche of US$50,000,000 provided by Banco Santander and a Colombian Peso denominated tranche of COP$275,000,000,000 provided by Banco Davivienda and Itau Corpbanca.
The Atlántico transmission line project is part of the "Plan 5 Caribe" launched by the Ministry of Mines and Energy of Colombia, which aims at strengthening the country's electric transmission and distribution systems.
Brigard Urrutia acted as Colombian counsel and Credicorp Capital acted as financial advisor to the concessionaire and the sponsor. Holland & Knight acted as international and Colombian counsel to the lenders.
The Clifford Chance team was led by counsel Alberto Haito and included associates Julian Hurtado Vallejo and Luis Fortuño.