Clifford Chance advises Grenergy on $457M loan
Clifford Chance has advised Grenergy on a US$457 million non-recourse senior financing covering a portfolio of projects in Chile that together comprise 446 MW of solar capacity and 1.8 GWh of energy storage. The financing backs the continued build-out of Grenergy’s renewable energy pipeline in the country.
The financing package includes Algarrobal, the fifth phase of the Oasis de Atacama platform, which accounts for 242 MW of solar capacity and 1.5 GWh of energy storage. It also covers the Palmas cluster, made up of 21 distributed generation solar projects in Chile and the hybridization of six of them, totalling 204 MW of solar capacity and 289 MWh of energy storage.
The deal was coordinated and underwritten by BNP Paribas, with an international pool of lenders participating in the deal including BBVA, J.P. Morgan Chase Bank, MUFG Bank, Santander and The Bank of Nova Scotia.
Legal team
The cross-border Clifford Chance team was led out of Madrid by partner José Guardo and counsel Eduardo Sánchez, supported by senior associates Ángel Muñoz and Pablo Cancelo along with associates Yago López and Asier Vivanco. The Americas side of the matter was handled by partner Fabricio Longhin, with associates Alejandro León, Joyce Moore and Genevieve McCarthy.
