CT Barragán S.A.’s Acquisition Of Ensenada de Barragán Thermal Power Plant

Milbank LLP represented the banks in the financing of the acquisition of the 560MW Ensenada de Barragán Thermal Power Plant for $229 million and a debt assumption of $304 million. Pozo Gowland Abogados advised IEASA; Tavarone, Rovelli, Salim & Miani advised BICE Fideicomisos S.A.; Salaverri, Burgio & Wetzler Malbrán advise YPF S.A., Pampa Energía S.A., Pampa Cogeneración S.A. and CT Barragán S.A.; Bruchou, Fernández Madero y Lombardi advised Citibank, N.A., Banco de Galicia y Buenos Aires S.A.U., Banco Santander Río S.A., HSBC Bank Argentina S.A. and Industrial and Commercial Bank of China (Argentina) S.A.; Tanoira Cassagne advised Citibank N.A.

The power plant was acquired by CT Barragán S.A., a special purpose company (SPV) jointly owned by YPF S.A. and Pampa Energía S.A. The transaction includes a commitment to expand the plant up to an aggregate capacity from 560MW to 825MW. To honor this commitment, the SPV received a loan of $170 million with a syndicate of banks. The plant is gas and oil fired, powered by fuel from CAMMESA. The acquisition closed on June 26, 2019.

The Milbank deal team was led by Global Capital Markets partner Carlos Albarracín (Picture), along with associates Gonzalo Guitart and Ana Bueno. The team also included Tax partner Andrew Walker.

Pozo Gowland Abogados advised IEASA on the public tender with Héctor Pozo Gowland, Esteban de Vedia, Gonzalo Matías Torres and Francisco Pozo Gowland.

Tavarone, Rovelli, Salim & Miani advised BICE Fideicomisos S.A. with Marcelo R. Tavarone, María Paula Lusich Marinoni, Ana Clara Ordoñez, Nicolás Lupinucci and Juan Pablo Del Compare.

Salaverri, Burgio & Wetzler Malbrán advised YPF S.A., Pampa Energía S.A., Pampa Cogeneración S.A. and CT Barragán S.A., on the public tender and on the financing with Roberto Lizondo, Pablo Fernández Pujadas, Santiago Freyre, Lucía Viboud Aramendi and Facundo Lombardi.

Bruchou, Fernández Madero y Lombardi advised Citibank, N.A., Banco de Galicia y Buenos Aires S.A.U., Banco Santander Río S.A., HSBC Bank Argentina S.A. e Industrial and Commercial Bank of China (Argentina) S.A. on the financing with José Bazán and Leandro Exequiel Belusci.

Tanoira Cassagne advised Citibank N.A. with Alexia Rosenthal and Ignacio Criado Díaz.

Involved fees earner: José María Bazán – Bruchou, Fernández Madero & Lombardi; Leandro Exequiel Belusci – Bruchou, Fernández Madero & Lombardi; Carlos Albarracín – Milbank; Ana Bueno – Milbank; Gonzalo Guitart – Milbank; Andrew Walker – Milbank; Esteban de Vedia – Pozo Gowland Abogados; Héctor Pozo Gowland – Pozo Gowland Abogados; Francisco Pozo Gowland – Pozo Gowland Abogados; Gonzalo Torres – Pozo Gowland Abogados; Pablo Fernandez Pujadas – Salaverri, Burgio & Wetzler Malbrán; Santiago Freyre – Salaverri, Burgio & Wetzler Malbrán; Roberto Lizondo – Salaverri, Burgio & Wetzler Malbrán; Facundo Lombardi – Salaverri, Burgio & Wetzler Malbrán; Lucía Viboud – Salaverri, Burgio & Wetzler Malbrán; Ignacio Criado Díaz – Tanoira Cassagne; Alexia Rosenthal – Tanoira Cassagne; Juan Pablo Del Compare – Tavarone, Rovelli, Salim & Miani; Nicolás Lupinucci – Tavarone, Rovelli, Salim & Miani; María Paula Lusich Marinoni – Tavarone, Rovelli, Salim & Miani; Ana Clara Ordoñez – Tavarone, Rovelli, Salim & Miani; Marcelo Tavarone – Tavarone, Rovelli, Salim & Miani;

Law Firms: Bruchou, Fernández Madero & Lombardi; Milbank; Pozo Gowland Abogados; Salaverri, Burgio & Wetzler Malbrán; Tanoira Cassagne; Tavarone, Rovelli, Salim & Miani;

Clients: Banco de Galicia y Buenos Aires S.A.; Banco Santander Río S.A.; BICE Fideicomisos S.A.; Citibank; Citibank Argentina; CT Barragán S.A.; HSBC Bank Argentina S.A.; Industrial and Commercial Bank of China; Integración Energética Argentina S.A.; Pampa Energía SA; YPF S.A.;