Guerrero, Olivos, Novoa y Errázuriz (Chile) advised to the alternative energy developer Transantartic Energía -TAE- in a Project Finance of the wind farm San Pedro, in La Isla Grande Chiloé, in the Los Lagos region of Chile.
The park, in its first stage of development, has an installed capacity of 36MW.
- Timeframe: From December, 2011, and it was finished in December 26, 2012.
- Jurisdictions to which the deal relates: Chile and the Kingdom of Spain.
- Complexity/ Legal Creativity Shown: First wind farm financed in Chile via project finance without PPA -contract of energy supply- agreements signed. We have created special insurance contract allowing small project financings without a PPA, a very unique solution. The electricity produced will sell spot.
Value: Construction Loan Facility of up to US$D62.000.000 and a VAT Facility of up to US$14.000.000.
Counsels:
To the borrower:
Chile
Guerrero, Olivos, Novoa y Errázuriz: Partners Sebastián Yunge and Clemente Pérez, Associates Sebastián Abogabir, Gabriela Correa and Javiera Ruiz-Tagle.
To the lenders:
Chile
Cariola, Diez, Pérez-Cotapos: Partners Rodrigo Sepúlveda and Gonzalo Jimenez, Senior associate Juan Antonio Parodi, Associate Andrea Gallyas, and Juniors associates Javiera Salamanca and José Guzmán
Spain
Jones Day Madrid: Luis Muñoz
