Morales & Besa advised Banco Security in the financing of a portfolio of renewable energy projects owned by a consortium formed by the Building Energy and Scotta Groups
Morales & Besa has advised Banco Security in the financing of a portfolio of renewable energy projects owned by a consortium formed by the Building Energy and Scotta Groups, and which marks the beginning of operations of Building Energy Group in Chile. The portfolio includes photovoltaic plants Alto Solar, located in the Metropolitan Region, El Queule, located in the Region of Libertador Bernardo O’Higgins and Peralillo and Villa Prat located in the Maule Region. To these projects at least one additional project will join.
The transaction was developed in two stages, the first consisting on the finance of the Peralillo and Alto Solar projects in November 2017, and a second phase including El Queule and Villa Prat projects in January of this year. It included the financing of projects once they are built, as well as financing to construct the projects, for which different regulations for both scenarios were considered.
In addition, the financing structure of the portfolio contemplates certain cross guarantees between the debtor companies, which must be granted in different stages, in the case of pre or post construction projects. The closing of the operations included the negotiation of sponsors support agreement of the debtor companies, which were granted under Italian law.
Morales & Besa team involved in this transaction was formed by the partner Myriam Barahona with the participation of associates Ignacio Delpino, Bernardo Mora, María Francisca Estrougo, Sebastián Nieme and Christian Canet.