Tuesday, 15 September 2020 20:14

Milbank conducts financing deal for Colombia transmission assets

Milbank has represented the lenders in connection with the financing of a platform for the development and operation of transmission assets in Colombia

Carlos AlbarracínThe financing consists of a dual-currency $275 million and 226-billion-peso ($61 million) financing for Caoba Inversiones, an investment platform developed through a joint venture between Colombian energy company Celsia and Cubico Sustainable Investments, which is owned by Ontario Teachers’ Pension Plan, Canada’s largest single-profession pension plan and PSP Investments, one of Canada’s largest pension investment managers, to own, operate and develop power transmission assets with predictable and stable long-term cash-flows.

The purpose of the financing was to both fund the acquisition from Celsia Colombia of certain operating power transmission assets, and to develop additional power transmission infrastructure in Colombia.

To date, the investment platform has acquired through an asset purchase transaction with Celsia Colombia two projects: Tolima, an operating power transmission business, and Toluviejo, a new power transmission line currently under construction.

The Milbank deal team was led by global capital markets partner Carlos Albarracín (pictured) and global project, energy and infrastructure finance partner Jaime Ramirez, with global capital markets associate Ana Bueno and international attorney Juan Pablo Aspe, as well as global project, energy and infrastructure finance associate Daniel Rios Zertuche.

“We are pleased to have advised the lenders on this important and groundbreaking transaction in Colombia that will allow Celsia and Cubico to continue investing in power transmission assets through a 'YieldCo style' investment platform," Carlos Albarracin said. "This transaction exemplifies the multidisciplinary approach of our Latin America practice, successfully combining sophisticated project and corporate finance techniques.”

Milbank continues to have a strong presence in Colombia and the firm's other recent major transactions in the country include the recent representation of Grupo Energía Bogotá (GEB) in its $400 million offering of 4.875% per cent senior notes due 2030, the underwriters in the $2 billion bond offering by Ecopetrol (Colombia’s state-owned oil and gas major) and TGI (Colombia’s largest gas transmission company) in the $750 million Rule 144A/Reg S.

The firm has also advised on the financing for the purchase of Zona Franca Celsia, the owner of the 610MW Termoflores power plant, and the financing in connection with the Alupar transmission line.

The Latin American Lawyer
N.15 • September - October 2020

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Iberian Lawyer
N.97 • September 2020

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