Clifford Chance

Clifford Chance advises Scotiabank on refinancing of ContourGlobal Caribbean power plant portfolio

Leading international law firm Clifford Chance advised The Bank of Nova Scotia (Scotiabank) in connection with the approximately US$124 million refinancing of the ContourGlobal Caribbean power plant portfolio comprising power plants in the Caribbean. Each project has long-term power purchase agreements with government-owned entities. The power plants have a combined generation capacity of approximately 274 MW.

The refinancing includes an accordion feature to provide the flexibility to increase the amount of the facility in the event the power plants enter into re-contracted power purchase agreements.

Lead partner Jessica Springsteen commented, "We are proud to have supported Scotiabank on this complex financing, which spanned multiple jurisdictions. We are pleased we could draw on the strength of the Clifford Chance team across multiple practice areas to bring this transaction to a successful close."

Lead associate Julian Hurtado Vallejo added, "This was a challenging transaction to structure, considering the financing included elements of a traditional HoldCo financing as well as certain project finance features. These unique aspects required quick-thinking and creativity in our team's approach."

Working with Jessica and Julian were associates Eli Keene and Daniel Justus based in Washington DC. Partner Megan Gordon and counsel Jacqueline Landells advised on anti-corruption/sanctions-related provisions of the deal. Counsel Greg Kahn advised on the New York law hedging agreements.