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.
Milbank, Tweed, Hadley & McCloy LLP is a leading international law firm that provides innovative legal services to clients around the world. Founded in New York 150 years ago, Milbank has offices in Beijing, Frankfurt, Hong Kong, London, Los Angeles, Munich, São Paulo, Seoul, Singapore, Tokyo and Washington, DC. Milbank's lawyers collaborate across practices and offices to help the world's leading commercial, financial and industrial enterprises, as well as institutions, individuals and governments, achieve their strategic objectives.
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SOURCE Milbank, Tweed, Hadley & McCloy LLP