November 12, 2021
Clifford Chance advises on EGE Haina's sustainability-linked notes offering, the first of its kind by a Dominican issuer
Leading international law firm Clifford Chance has advised Citigroup Global Markets Inc., J.P. Morgan Securities LLC and Scotia Capital (USA) Inc. as initial purchasers in connection with the issuance by Empresa Generadora de Electricidad Haina, S.A. (EGE Haina) of US$300 million in 5.625% sustainability-linked notes due 2028. EGE Haina is the largest private-sector generator of electricity in the Dominican Republic and one of the leading companies in non-conventional renewable energy in the Caribbean.
EGE Haina created a financing framework linked to sustainability based on its objective of achieving a renewable installed capacity of 526.5 MW by December 31, 2026. The framework was evaluated by second party opinion provider Sustainalytics. This transaction marks the first issuance of sustainability-linked bonds by a Dominican company in the international capital markets.
Lead partner Hugo Triaca commented, "We are pleased to have supported our clients and EGE Haina on the first ever sustainability-linked notes offering by a Dominican company. The firm is proud to be working on transactions contributing to a sustainable future in the region."
Working with Hugo on this transaction were foreign law clerks Maria Fernanda Gadea Rivera and Jorge Vázquez Navarro. Partner Avrohom Gelber advised on tax matters.
Clifford Chance advises on many sustainable finance transactions in the Latin American market, most recently representing Instituto Costarricense de Electricidad on sustainability-linked senior notes. The firm also advised on the largest green project bond in Latin America.