SANTIAGO, CHILE , May 7, 2012 –In its latest renewable energy financing in Latin America, Milbank, Tweed, Hadley & McCloy LLP represented a group of international lenders in providing $225 million in financing for the development of Chile's largest wind farm.Leading US wind and transmission company Pattern Energy Group LP is developing the El Arrayan wind project along with AEI and Chile's Antofagasta Minerals S.A. The project is located some 250 miles north of Santiago along Chile's Pacific coastline. Siemens is providing approximately 50 wind turbines. When it begins commercial operation in 2014, El Arrayan will deliver 115 megawatts of energy. Milbank was counsel to the lender group providing construction financing, a 15-year term loan, and a letter of credit facility. The bank group included Bank of Tokyo-Mitsubishi UFJ, Credit Agricole and Sumitomo Mitsui Banking Corp. Milbank also advised Eksport Kredit Fonden (EKF), Denmark's official export credit agency, which provided guaranteed loans to the project through its ELO program. Separately, Chile's CorpBanca provided a $20 million subordinated loan facility to finance value-added tax payments by El Arrayan. "Chile is becoming an increasingly significant market for developing viable sources of renewable energy in the Americas, particularly in the area of wind power," said Milbank project finance partner Allan Marks, who led the deal team. "We're very pleased to have worked...
Milbank Represents International Lenders In $225 Million Financing For Chile's Largest Wind Farm
|Profession:||Milbank, Tweed, Hadley & McCloy LLP|
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