Clifford Chance

Clifford Chance advises on secured green notes issuance by renewable energy company of Chile's Grupo Cerro

Global law firm Clifford Chance advised Banco BTG Pactual S.A.—Cayman Branch and HSBC Securities (USA) Inc., as placement agents, and the purchasers, in connection with Anpac SpA's issuance of secured green notes (the Notes) in a Section 4(a)(2) private placement. The Notes were guaranteed by most of Anpac's subsidiaries.

Anpac is the holding company for Chilean renewable company Grupo Cerro's hydroelectric portfolio, which consists of 10 run-of-river plants and has a total installed capacity of 73 MW. The majority of the proceeds from the issuance of the Notes were used to pay existing indebtedness, with the remaining proceeds to be used to support Grupo Cerro's growth plans in Chile.

The Clifford Chance team advising on the deal included partner Hugo Triaca and associate David Rondon, with additional support from associates Joyce Moore and Fernando Liu and foreign law clerk Juan Andrés Bosch Muñoz. Partner Avrohom Gelber and associate Milica Pavlovic provided tax support and associate David Walsh advised on ERISA matters.

Clifford Chance advises on many transactions in the Latin American market, including in Chile, on the largest green project bond in Latin America and on IDB Invest’s US$1.8 billion A/B tariff stabilization purchase facility and securitization of MPC Securities.