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Milbank continues prominent role in wind and energy related financings across Latin America

By Michelle DiFrangia | January 15, 2015

wind turbineContinuing its strong run of Latin America financing deals in the renewables sector, Milbank, Tweed, Hadley & McCloy LLP advised Goldman Sachs & Co. and BofA Merrill Lynch as initial purchasers of $204 million in 144A/Regulation S green bonds issued by Peruvian wind-energy producer Energía Eólica S.A. Energía Eólica is a subsidiary of ContourGlobal, headquartered in New York. This is the first Latin American issuer to sell green bonds in Peru.

Energía Eólica will use proceeds from the private offering of 6.000% amortizing secured notes due 2034 to refinance existing indebtedness related to the recent construction of two wind-power projects, among other uses. The company operates two facilities in northwestern Peru—Cupisnique, with 83.18 MW of installed capacity, and Talara, with 30.855 MW of installed capacity. The projects were completed in September 2014 and connected to Peru’s power grid.

“Wind and solar power, in particular among renewables, are growing industries in Latin America, further demonstrated by the significant investor interest in Energía Eólica’s green bond issuance,” said Paul Denaro, who led the Milbank team on the transaction.

J&A Garrigues Peru S.R.C.L. acted as Peruvian counsel to the initial purchasers, while Gómez-Acebo & Pombo Abogados, S.L.P. acted as Spanish counsel.

Milbank’s recent Peruvian energy transactions include advising international lenders in the $300 million financing for a 593-MW cold reserve power plant; acting as counsel to Peru’s leading natural gas transporter in its $850 million debt offering; and representing initial purchasers in issuances by Peruvian consumer products, mining and banking companies.

Milbank
www.milbank.com

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