Invenergy Issues $135 Million Investment-Grade Rated Project Bonds in US Private Placement Market for Campo Palomas Wind Farm in Uruguay


White & Case, Hughes & Hughes, Lustrous Law, Morris James, FERRERE, Clifford Chance, Mayer Brown and Guyer & Regules advised on the transaction

Invenergy announced today that its 70-megawatt Campo Palomas wind project, located in the Salto Department of Uruguay, issued investment-grade rated project bonds (Baa3 / Moody’s) for approximately $135.8 million in the US Private Placement Market. Campo Palomas is Invenergy’s first project in Uruguay as it expands its presence in Latin America.

Campo Palomas completed construction and began commercial operations earlier this year. The facility generates power from 35 Vestas V110 – 2.0 MW wind turbines which is delivered to the country’s grid under an agreement with Administración Nacional de Usinas y Trasmisiones Eléctricas (UTE), the Uruguayan state-owned utility. The proceeds of the project bond issuance will be used to refinance the existing construction loan.

The issuance is under an innovative A/B Bond structure involving a capital markets solution under the umbrella of the Inter-American Investment Corporation (“IIC”), the private sector arm of the IDB Group. The deal was structured and arranged by DNB Markets, Inc. and the IIC, and was marketed by DNB Markets, Inc. as Sole Placement Agent. The project bond also received a green bond certification from DNV-GL.

In US, White & Case advised Invenergy S.A. and Nicefield, S.A. with Sean Johnson, Carlos Viana (Picture), Thomas Pate, Mårten Olsson, Sasha Young Hudson, Chris Delp and Lucía Benabentos.

Hughes & Hughes advised Nicefield, S.A. with Haroldo Espalter, Mariana Estradé, Clara Villaamil and Marcela Severi.

Lustrous Law advised Invenergy S.A. with a team led by Carole van Kesteren.

Morris James advised Invenergy S.A. with Lewis Ledyard.

FERRERE advised the Inter-American Investment Corporation with Diego Rodríguez, Gonzalo Secco and Sebastián Ramos.

In US, Clifford Chance advised Inter-American Investment Corporation with Lori Bean, Gareth Old, Jonathan Zonis, Lauran Smith, Laura Marriott, Martin Menski and Greg Jehle.

Mayer Brown LLP advised the bondholders with Christopher Erckert, David Bakst, Daniel Favero, Russell Nance and Valentina Castillo.

Guyer & Regules advised TMF Trust Uruguay S.A. with Corina Bove, Javier Berdaguer and Javier Napoleone.

Guyer & Regules advised Citibank with Florencia Castagnola and Mariana Lartigau.

Involved fees earner: Lewis Ledyard III – Morris James LLP; Carole van Kesteren – Lustrous Law; Corina Bove – Guyer & Regules; Javier Berdaguer – Guyer & Regules; Javier Napoleone – Guyer & Regules; Florencia Castagnola – Guyer & Regules; Mariana Lartigau – Guyer & Regules; Diego Rodríguez – Ferrere Attorneys; Sebastián Ramos – Ferrere Attorneys; Gonzalo Secco – Ferrere Attorneys; Sebastián Ramos – Ferrere Attorneys; Haroldo Espalter – Hughes & Hughes Abogados; Mariana Estrade – Hughes & Hughes Abogados; Clara Villaamil – Hughes & Hughes Abogados; Marcela Severi – Hughes & Hughes Abogados; Sean Johnson – White & Case; Mårten Olsson – White & Case; Carlos Viana – White & Case; Thomas Pate – White & Case; Lucia Benabentos – White & Case; Lori Ann Bean – Clifford Chance; Lauran Smith – Clifford Chance; Laura Marriott – Clifford Chance; Martin Menski – Clifford Chance; Gareth Old – Clifford Chance; Jonathan Zonis – Clifford Chance;

Law Firms: Morris James LLP; Lustrous Law; Guyer & Regules; Ferrere Attorneys; Hughes & Hughes Abogados; White & Case; Clifford Chance;

Clients: Citibank; Inter-American Development Bank; TMF Trust Company; Invenergy LLC; Inter-American Investment Corporation; Nicefield S.A.;