Total Eren’s Acquisition of 50% SunPower Corporation’s Interest in Santa Isabel Solar Power Plant Project

Barros & Errázuriz and Carey advised on the transaction

Total Eren has acquired a 50% stake from SunPower in “Santa Isabel” (the “Project”), a190 MWp solar photovoltaic (PV) power plant located near the municipality of María Elena, in the Antofagasta Region, at about 1,500 km north from Santiagode Chile.

The Project represents a total investment cost of around $200 M.In May 2016, aprivate Power Purchase Agreement (“PPA”) was secured by the Project company for the supply of the electricity generated from “Santa Isabel” to ColbúnS.A, a Chilean private utility and one of the main electricity generators in the country.

This was followed by the closing of the financing with a select group of international banks as well as the signing of a turnkey Engineering, Procurement & Construction (“EPC”) contracts with Sterling & Wilsonon 13th August 2019.

The construction of the power plant, which will deploy 190 MWp of SunPower Performance Series solar modules, has juststarted and the commissioning is planned for Q4 2020. Once completed, “Santa Isabel”is expected to generate 500 GWh per year.Through this Project, Total Eren enters the Chilean renewable energy market, where the company sees a strong potential for renewable energy and a major opportunity for future growth.

Total Eren will pursue the development of Santa Isabel’s extensionphases(totaling 280 MWp)that arecurrently in advanced negotiation to enter into further private PPA agreements.

Barros & Errázuriz advised Total Eren with a team including Carlos Ducci González (Picture), Fernando Garrido, María Teresa Cremaschi, Cristóbal Pellegrini, Evelyn Sepúlveda, Pedro Pablo Ballivian, Martín Vial Correa, Agustina Montt and Natacha Fuenzalida.

Carey advised SunPower Corporation with Felipe Moro, Fernando Noriega, Loreto Ribera, Rafael Mackay, Manuel José Garcés, Sophia Bobadilla and Manuel José Barros.

Involved fees earner: Pedro Pablo Ballivian – Barros & Errázuriz Abogados; María Teresa Cremaschi – Barros & Errázuriz Abogados; Carlos Ducci – Barros & Errázuriz Abogados; Natacha Fuenzalida – Barros & Errázuriz Abogados; Fernando Garrido – Barros & Errázuriz Abogados; Agustina Montt – Barros & Errázuriz Abogados; Cristobal Pellegrini – Barros & Errázuriz Abogados; Evelyn Sepulveda – Barros & Errázuriz Abogados; Martín Vial Correa – Barros & Errázuriz Abogados; Manuel José Barros – Carey; Sophia Bobadilla – Carey; Manuel José Garcés – Carey; Rafael Mackay – Carey; Felipe Moro – Carey; Fernando Noriega – Carey; Loreto Ribera – Carey;

Law Firms: Barros & Errázuriz Abogados; Carey;

Clients: SunPower Corporation; Total Eren ;

Author: Ambrogio Visconti.