Mainstream Renewable Power’s $620 Million Project Financing

Morales & Besa, Shearman & Sterling and Carey advised on the transaction

Mainstream Renewable Power announced will invest $934 million in the construction of Huemul, the second phase of the renewable energy platform Andes Renovables.

Huemul consists of five projects, three wind farms totaling 425 MW and two photovoltaic arrays with an aggregate capacity of 205 MW. The projects are expected to begin commercial operations between 2021 and 2022.

Mainstream secured $620 million in financing from a consortium of five banks to build the new renewable energy complex.

The funds come from IDB Invest, KfW, IPEX-Bank, DNB, CaixaBank and MUFG. A sixth bank, Santander Chile, financed the VAT credit. Mainstream will cover the remaining amount with its own funds to reach the total investment of $934 million.

Carey advised Mainstream Rewable Power with a team including Felipe Moro (Picture), Juan Francisco Mackenna,  Carmenmaría Poblete, Cristóbal Flores, Diego Ibarrola, Fernando Noriega, Fernanda Valdés, Julio Recordón and Rafael Mackaey.

Morales & Besa advised the banks with José Miguel Carvajal James Channing (Project), Paloma Infante (Environment) y Juan Carlos Valdivieso (Energy), Bernardo Mora (Finance), Manuel José Eyzaguirre (Project), Giancarlo Camillieri (Mining), Sebastián Nieme (Project), María Jesús Venegas (Real Estate) and María Victoria Alonso (Finance).

Morales & Besa advised also Banco Santander Chile on the $ 53 million VAT financing with a team including Myriam Barahona,  Ignacio Chomalí (Finance), Gonzalo Machuca (Tax), Camila Venegas (Finance), Constanza Araya (Energy) and​​​​​​​ Santiago Martínez (Tax).

Shearman & Sterling advised IDB Invest, CaixaBank S.A., DNB Bank ASA, KfW IPEX-Bank GmbH and MUFG Bank with Gregory Tan, Azam Aziz, Christian Rudloff, Augusto Ruiloba, Rita Ghanem, Yi Zhou and Gregory Marchesini.

Involved fees earner: Cristóbal Flores – Carey; Diego Ibarrola – Carey; Rafael Mackaey – Carey; Juan Francisco Mackenna – Carey; Felipe Moro – Carey; Fernando Noriega – Carey; Carmenmaría Poblete – Carey; Julio Recordon – Carey; Fernanda Valdés – Carey; Constanza Araya – Morales & Besa; Myriam Barahona – Morales & Besa; Giancarlo Camillieri – Morales & Besa; José Miguel Carvajal – Morales & Besa; James Channing – Morales & Besa; Ignacio Chomalí V. – Morales & Besa; Manuel José Eyzaguirre – Morales & Besa; Paloma Infante M. – Morales & Besa; Gonzalo Machuca F. – Morales & Besa; María Victoria Alonso – Morales & Besa; Santiago Martínez – Morales & Besa; Bernardo Mora – Morales & Besa; Sebastián Nieme S. – Morales & Besa; Juan Carlos Valdivieso – Morales & Besa; Camila Venegas – Morales & Besa; María Jesús Venegas – Morales & Besa; Azam Aziz – Shearman & Sterling; Rita Ghanem – Shearman & Sterling; Gregory Marchesini – Shearman & Sterling; Christian Rudloff – Shearman & Sterling; Augusto Ruiloba – Shearman & Sterling; Gregory Tan – Shearman & Sterling; Yi Zhou – Shearman & Sterling;

Law Firms: Carey; Morales & Besa; Shearman & Sterling;

Clients: Banco Santander Chile; CaixaBank; DNB Bank ASA; Inter-American Investment Corporation; KfW IPEX-Bank GmbH; Mainstream Renewable Power; Mitsubishi UFJ Financial Group;

Author: Ambrogio Visconti.