Morales & Besa advised Hidroeléctrica El Paso SpA on the amendment of credit

May 30, 2017

Morales & Besa advised Hidroeléctrica El Paso SpA on the amendment of an existing credit facility provided by a syndicate of local banks to the Company, part of the HydroChile group.

The aim of the operation was to reschedule part of the current loans granted under the VAT Tranche, as well as to open a new tranche by means of a revolving credit line for a total maximum amount of CLP $10,000,000,000.00 to finance any business contingencies.

The Company is currently undertaking the operation and exploitation of a run-of-river hydropower plant which makes use of the water supplied by the Rivers de las Damas and Cajón de las Yeguas, in the borough of San Fernando, Colchagua Province, Sixth Region of Chile. The hydropower features a maximum power of 70 MW and an average annual generation of 249 gigawatt hours.  As consequence, an amendment to the existing credit agreements was necessary and, among them, to the securities, so as to cover the obligations assumed by the Company under the new revolving credit facility for contingencies.

The Morales & Besa team that participated in the transaction was composed by partner Matías Langevin and associates Juan Carlos Juri and Aurora Muñoz.