ENR AGS’s Financing of El Llano Solar Park


Norton Rose Fulbright, Shearman & Sterling and Ritch, Mueller, Heather y Nicolau advised on the transaction

ENR AG, subsidiary of French renewable energy developer Neoen has structrured the financing for the 375 MWP El Llano solar farm in Aguascalientes, Mexico.

Banco Nacional de Comercio Exterior, Sociedad Nacional de Crédito, Institución de Banca de Desarrollo (Bancomext), Natixis and Société Générale has granted the financing to ENR AG

The project, which will be Neoen’s largest photovoltaic plant, was one of the winners of the third Mexican renewable energy auction in November 2017. It was awarded a power purchase agreement with a 15-year offtake term for energy and a 20-year offtake term for clean energy certificates.

The project will sell its contracted electricity at less than US$19 MWh, making it one of the world’s most competitive solar projects. The financing, which closed June 11, consisted of a senior loan facility, a letter of credit facility and a value-added tax loan facility.

Norton Rose Fulbright advised ENR AGS, S.A. DE C.V. with Raquel Bierzwinsky Melman (Picture), Charles Whitney, Hernán González Estrada, Kevin Prokupy, Monika Szymanski, Alexandra Jeffreys, Rachel Crouch, Carlos Campuzano, Alejandro Aguirre, David Ricardo Rajunov, Ania Soleimani and Javier Félix.

Shearman & Sterling advised Banco Nacional de Comercio Exterior, Sociedad Nacional de Crédito, Institución de Banca de Desarrollo (Bancomext), Natixis and Société Générale with Alexandro M. Padrés, Paula Howell Anderson, Thomas Donegan, Kristen Garry, Geoffrey Goldman, Mehran Massih, Augusto Ruiloba, Joshua Press, Camilla Ihenetu, Danielle Altink, Sean Anderson, Matthew Behrens, Daniel Kachmar and Ignacio Saldana.

Ritch, Mueller, Heather y Nicolau, advised Banco Nacional de Comercio Exterior, Sociedad Nacional de Crédito, Institución de Banca de Desarrollo (Bancomext), Natixis and Société Générale with Asaf Jiménez Adorno, Rodrigo Durán de La Vega, Javier Vaqueiro Battaglia and Axel García Ortiz.

Involved fees earner: Alejandro Aguirre – Norton Rose Fulbright; Raquel Bierzwinsky – Norton Rose Fulbright; Carlos Campuzano – Norton Rose Fulbright; Rachel Crouch – Norton Rose Fulbright; Hernán González Estrada – Norton Rose Fulbright; Alexandra Jeffreys – Norton Rose Fulbright; Kevin Prokup – Norton Rose Fulbright; David Ricardo Rajunov – Norton Rose Fulbright; Monika Szymanski – Norton Rose Fulbright; Charles Whitney – Norton Rose Fulbright; Rodrigo Durán De La Vega – Ritch, Mueller, Heather y Nicolau, SC; Asaf Jiménez Adorno – Ritch, Mueller, Heather y Nicolau, SC; Danielle Altink – Shearman & Sterling; Sean Anderson – Shearman & Sterling; Matthew Behrens – Shearman & Sterling; Thomas Donegan – Shearman & Sterling; Kristen Garry – Shearman & Sterling; Geoffrey Goldman – Shearman & Sterling; Paula Howell Anderson – Shearman & Sterling; Udoaku Camilla Ihenetu – Shearman & Sterling; Daniel Kachmar – Shearman & Sterling; Mehran Massih – Shearman & Sterling; Alexandro Padrés – Shearman & Sterling; Joshua Press – Shearman & Sterling; Augusto Ruiloba – Shearman & Sterling; Ignacio Saldana – Shearman & Sterling;

Law Firms: Norton Rose Fulbright; Ritch, Mueller, Heather y Nicolau, SC; Shearman & Sterling;

Clients: Banco Nacional de Comercio Exterior, S.N.C. ; ENR AGS; Natixis; Société Générale;

Author: Ambrogio Visconti