Shearman And Sterling

News August 31, 2020

Senior Secured Financing for Huemul Wind and Solar Portfolio

Shearman & Sterling advised DNB Bank ASA, as administrative agent, CaixaBank S.A., DNB Bank ASA, KFW IPEX-Bank GmbH, MUFG Bank, Ltd. and Sumitomo Mitsui Banking Corporation, as mandated lead arrangers, lenders and issuing banks, and Inter-American Investment Corporation, in its own capacity and in separate capacity as agent for Inter-American Development Bank, as mandated lead arrangers and lenders, in connection with an approximately the $542 million senior secured financing of a portfolio of three wind and two solar PV projects (the “Huemul Portfolio”) with a total installed capacity of 641.1 MW in the Republic of Chile.

The Huemul Portfolio is owned by Mainstream Renewable Power Ltd. and will serve three 20-year distribution company power purchase agreements awarded to Mainstream by the Chilean government during Chile’s largest ever technology-neutral electricity auction in August 2016. All five projects in the Huemul Portfolio are in pre-construction and are expected to reach commercial operation between 2021 and 2022.

The Huemul Portfolio is the second phase of “Andes Renovables”, a three-phase and fully-contracted 1.3 gigawatt wind and solar power generation platform owned by Mainstream, which is one of Latin America’s biggest wind and solar generation platforms. Andes Renovables is comprised of seven wind and three solar PV generation projects. The first phase of Andes Renovables, a portfolio of three wind and one solar PV projects known as the Condor Portfolio, achieved financial close in November 2019 and is over 30 percent completed. Shearman & Sterling also advised the consortium of seven banks who provided senior financing to the Condor Portfolio.

The Team