Neoen S.A.’s financing of the 208MWp Altiplano 200 solar power plant

Bruchou, Martínez de Hoz & Rueda, Tanoira Cassagne, Clifford Chance, White & Case, Martínez de Hoz & Rueda and Reed Smith advised on the transaction

Proparco has granted a $50 million loan to Neoen, the French solar and wind energy company, for the construction of the 208MWp Altiplano 200 solar power plant in the province of Salta, in northwest Argentina.

For this operation, Proparco syndicated the participation of its German counterpart DEG and of several other European development banks through the Interact Climate Change Facility (ICCF). The rest of the $234 million financing consists of an export credit tranche provided by KfW IPEX-Bank and Société Générale, guaranteed by Bpifrance Assurance Export.

This is Proparco’s fourth transaction with Neoen. This partnership has already resulted in the construction of Providencia Solar and Capella Solar in El Salvador and Paradise Park in Jamaica, which are among the largest solar power plants in Central America.

Altiplano 200 will contribute to Argentina’s ambitious renewable energy targets (20% of the energy mix in 2025 compared to 2% to date) and contribute to maintaining sustainable reliability and security of electricity production.

By producing electricity at a lower cost than new thermal capacity, this plant demonstrates the competitiveness of renewable energies for emerging countries.

The emission of nearly 4.8M tonnes of CO2 – or 284,000 tonnes per year – should be avoided over the lifespan of the project. Altiplano 200 is also expected to create or maintain more than 2,000 direct and indirect jobs.

Bruchou Fernández Madero & Lombardi advised Promotion et de Participation pour la Coopération Economique (“Proparco”); Kreditanstalt Für Wiederaufbau (“KFW”); Société Générale, DEG- Deutsche Investitions- und Entwicklungsgesellschaft mbH, with a team including Alejandro Perelsztein (Picture) Andrés Chester, Emilio Díaz Reynolds, Facundo Sainato (Project), Ignacio Minorini Lima, Eliana Hougassian, Sofía Arroyo Bajda and Micaela Saieg (Energy / Public), Pablo Muir, Cecilia Tononi, Eliana Vinocur and Cecilia Calosso (Tax).

In NY, Clifford Chance advised dvised Promotion et de Participation pour la Coopération Economique (“Proparco”); Kreditanstalt Für Wiederaufbau (“KFW”); Société Générale, DEG- Deutsche Investitions- und Entwicklungsgesellschaft mbH with Fabricio Longhin, Patricio Abal, Greg Jehle and Pablo Fekete.

Martínez de Hoz & Rueda advised Neoen with Jimena Vega Olmos, Juan Cruz Azzarri, Maximiliano Batista, Sofía Leggiero, Belén Tokatlian and Tomás Dellepiane.

In NY, White & Case advised Neoen with Carlos Viana, Jeannine Acevedo, Ana Arias and Chris Bergan.

In Argentina, Tanoira Cassagne advised Citibank acting as trustee and granting agent with Alexia Rosenthal, Ignacio Criado Díaz and Carolina Demarco.

In London, Reed Smith advised Citibank with Ranajoy Basu, Anthony Riddle and Erika Kolb.

Involved fees earner: Maria Sofía Arroyo Bajda – Bruchou, Fernández Madero & Lombardi; Andrés Chester – Bruchou, Fernández Madero & Lombardi; Emilio Díaz Reynolds – Bruchou, Fernández Madero & Lombardi; Eliana Hougassian – Bruchou, Fernández Madero & Lombardi; Ignacio Minorini Lima – Bruchou, Fernández Madero & Lombardi; Pablo Muir – Bruchou, Fernández Madero & Lombardi; Alejandro Perelsztein – Bruchou, Fernández Madero & Lombardi; Facundo Sainato – Bruchou, Fernández Madero & Lombardi; Maria Cecilia Tononi – Bruchou, Fernández Madero & Lombardi; Patricio Abal – Clifford Chance; Pablo Fekete – Clifford Chance; Greg Jehle – Clifford Chance; Fabricio Longhin – Clifford Chance; Maximiliano Batista – Martínez de Hoz & Rueda; Juan Cruz Azzarri – Martínez de Hoz & Rueda; Tomás Dellepiane – Martínez de Hoz & Rueda; Sofía Leggiero – Martínez de Hoz & Rueda; Belén Tokatlian – Martínez de Hoz & Rueda; Jimena Vega Olmos – Martínez de Hoz & Rueda; Ranajoy Basu – Reed Smith; Erika Kolb – Reed Smith; Anthony Riddle – Reed Smith; Ignacio Criado Díaz – Tanoira Cassagne; Carolina Demarco – Tanoira Cassagne; Alexia Rosenthal – Tanoira Cassagne; Jeannine Acevedo – White & Case; Ana Maria Arias – White & Case; Carlos Viana – White & Case;

Law Firms: Bruchou, Fernández Madero & Lombardi; Clifford Chance; Martínez de Hoz & Rueda; Reed Smith; Tanoira Cassagne; White & Case;

Clients: Citibank; Deutsche Investitions- und Entwicklungsgesellschaft mbH; KfW – DEG; Neoen; Proparco SA; Société Générale;

Author: Ambrogio Visconti.