Morales & Besa advises EIG Global Energy Partners
Morales & Besa recently advised EIG Global Energy Partners in the restructuring of the Abengoa Projects Warehouse transaction, which included the negotiation and drafting of Share Purchase Agreements for the acquisition of several special purpose entities, renegotiation of several project agreements (EPC, O&M, interconnection), intra company loans, VAT reimbursements, filings before the National Energy Commission and additional matters.
The restructuring is due to the worldwide insolvency of Abengoa, with consequences to the CSP Atacama I (110 MW and the first CSP plant in South America) and PV Atacama I (100 MW), both of them valued for a total of US$ 1.3 billion. The original transaction which closed in April 2015, previously implied the acquisition by EIG of a 55% stake of Abengoa Warehouse I, LLP, a vehicle that owns projects in Brazil, Mexico and Chile. Among its assets in Chile, the JV considered the acquisition of CSP and PV Atacama I Projects, which had been developed by Abengoa. EIG has now assumed full control of Abengoa Warehouse I, LLP and of the projects in Chile. It also acquired several additional SPVs related to the Atacama I projects.
The Chilean SPVs have PPAs with Chilean Distribution Companies that they will need to start to serve in 2019.
The team at M&B was led by Partners Eugenio Besa (Corporate) and Francisca Pérez (Tax) with Senior Associate Sebastián Leyton (Energy and Corporate) and Associates Verónica Vergara (Energy and Corporate), Ricardo Andrés Díaz (Corporate), and Gabriela Leaño (Energy and Corporate).