Milbank Advises Sumitomo Mitsui Bank (SMBC) and Natixis in Acquisition Financing of Backup Power Facilities in Chile
Power plants provide critical backup for Chile's growing renewable power mix
Dec 12, 2016, 08:25 ET
NEW YORK, Dec. 12, 2016 /PRNewswire/ -- In an important year-end power financing in Latin America, Milbank, Tweed, Hadley & McCloy LLP advised Sumitomo Mitsui Banking Corp. (SMBC) and Natixis in the acquisition financing of two backup power generating facilities in Chile that are attached to the national power grid.
The two projects are owned and operated by subsidiaries of Prime Energía SpA, which is a subsidiary of US-based industrial owner-operator Glenfarne Group, LLC. The deal closed on December 6, 2016.
The Milbank team was led by Global Project, Energy and Infrastructure Finance practice group leader Dan Bartfeld, with associates Andrés Arnaldos-Montaner, Greg Slovick, Kathleen Chun and Nieri Avanessian.
"These power plants are critical to Chile's energy mix by providing reliable extra capacity at times of grid instability," said Mr. Bartfeld. "We are pleased to work with Glenfarne Group as it expands its acquisition and development efforts in the region, and with SMBC and Natixis as they provide financing in this critical area. This transaction highlights Milbank's role in a variety of power-related projects throughout Latin America."
Prime Energía (a subsidiary of Glenfarne Group), is headquartered in Santiago, Chile, and is a leading provider of backup power as owner-operator of reciprocating engine power plants and other thermal technologies.
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SOURCE Milbank, Tweed, Hadley & McCloy LLP