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

LAL12 cover EN


Iberian Lawyer
N.97 • September 2020

IL94 cover SP IL94 cover EN

legalinnovation webbanner 300x100px v2

legalinnovation webbanner 300x100px v2

Lexpo20 webbanner 300x100px v2

FortuUnder40awards Banner 300x250 CallForSub 2

IL LabourAwardsPT 300x100 Finalists3

IL Lawit 300X100 October

IL LabourAwardsSP 300x100 Finalists3

IL LatamAwards STD 300x100 1

This website uses cookies

We use cookies to ensure that we give you the best experience on our website. If you continue without changing your settings, we'll assume that you are happy to receive all cookies on the IberianLawyer website. However, you can change your cookie settings at any time. Learn more

I agree

What do I need to know about cookies?

A cookie is a small text file that’s stored on your computer or mobile device when you visit a website. We use them to:

  • Remember your preferences
  • Tailor our sites to your interests.

There are different types of cookies

First party cookies

These are set by the website you’re visiting. And only that website can read them.  In addition, a website might use a separate company to analyse how people are using their site. And this separate company will set their own cookie to do this.

Third party cookies

These are set by someone other than the owner of the website you’re visiting. 

Some IberianLawyer web pages may also contain content from other sites like Vimeo or Flickr, which may set their own cookies. Also, if you Share a link to a IberianLawyer page, the service you share it on (e.g. Facebook) may set a cookie on your browser.

The IberianLawyer has no control over third party cookies.

Advertising cookies

Some websites use advertising networks to show you specially targeted adverts when you visit. These networks may also be able to track your browsing across different sites.

IberianLawyer site do use advertising cookies but they won’t track your browsing outside the IberianLawyer.

Session cookies

These are stored while you’re browsing. They get deleted from your device when you close your browser e.g. Internet Explorer or Safari.

Persistent cookies

These are saved on your computer. So they don’t get deleted when you close your browser.

We use persistent cookies when we need to know who you are for more than one browsing session. For example, we use them to remember your preferences for the next time you visit.

Other tracking technologies

Some sites use things like web beacons, clear GIFs, page tags and web bugs to understand how people are using them and target advertising at people.

They usually take the form of a small, transparent image, which is embedded in a web page or email. They work with cookies and capture data like your IP address, when you viewed the page or email, what device you were using and where you were.

How does the Iberian Lawyer use cookies?

We use different types of cookies for different things, such as:

  • Analysing how you use the IberianLawyer
  • Giving you a better, more personalised experience
  • Recognising when you’ve signed in

Strictly Necessary cookies

These cookies let you use all the different parts of Iberian Lawyer. Without them services that you have asked for cannot be provided.

Some examples of how we use these cookies are:

  • Signing into the IberianLawyer
  • Remembering previous actions such as text entered into a registration form when navigating back to a page in the same session
  • Remembering security settings which restrict access to certain content.

Performance cookies

These help us understand how people are using the IberianLawyer online, so we can make it better. And they let us try out different ideas.
We sometimes get other companies to analyse how people are using the IberianLawyer online. These companies may set their own performance cookies You can opt out of these cookies here.Some examples of how we use these cookies are:

  • To collect information about which web pages visitors go to most often so we can improve the online experience
  • Error management to make sure that the website is working properly
  • Testing designs to help improve the look and feel of the website.
Cookie nameWhat it's for
Google DoubleClick The IberianLawyer uses Google DoubleClick to measure the effectiveness of its online marketing campaigns.Opt-out of DoubleClick cookies
Google Analytics From time to time some IberianLawyer online services, including mobile apps, use Google Analytics. This is a web analytics service provided by Google, Inc. Google Analytics sets a cookie in order to evaluate use of those services and compile a report for us.Opt-out of Google Analytics cookies