$235 (approximate) million financing for the development, construction and operation of two solar photovoltaic projects in Mexico


Shearman & Sterling, Mijares, Angoitia, Cortés y Fuentes and Norton Rose Fulbright advised on the transaction

Solem I, a 150 MWac solar photovoltaic power plant and Solem II, a 140MWac solar photovoltaic power plant secure $235 (approximate) million financing.

The Solem projects were awarded power purchase agreements in the second round of Mexico’s auction process in September 2016 and are the first projects in the round to obtain international financing. The two projects combined will become the largest photovoltaic solar power plant in Mexico and Latin America to date.

The Solem I project is being developed by Cubico Alten Aguascalientes Uno, S.A.P.I. de C.V. and the Solem II project by Cubico Alten Aguascalientes Dos, S.A.P.I. de C.V., both are wholly owned subsidiaries of Cubico Sustainable Investments Limited (75%) and Alten RE Developments America B.V. (25%), an affiliate of Sojitz Corporation.

The lenders to the long term financing are The Bank of Tokyo-Mitsubishi UFJ, the Inter-American Investment Corporation (acting on behalf of itself, the Inter-American Development Bank, the China Co-Financing Fund for Latin America and the Caribbean and the Canadian Climate Fund for the Private Sector in the Americas), the International Finance Corporation and Banco Nacional de Obras y Servicios Públicos, S.N.C., Institución de Banca de Desarrollo.

The Shearman & Sterling team included partners Gregory Tan (New York-Project Development & Finance) and Azam Aziz (New York-Derivatives); counsel Christian Rudloff (New York-Project Development & Finance) and Nathan Tasso (Washington D.C.-Tax); associates Augusto Ruiloba (New York-Project Development & Finance), Adam Sternberg (New York-Tax), and Uttara Dukkipati (New York-Corporate Group); and visiting attorneys Ana Maria Alpízar and Ignacio Valenzuela (both New York-Project Development & Finance).

In Mexico, Mijares, Angoitia, Cortés y Fuentes advised Alten Renewable Energy Developments and Cubico Sustainable Investments with Horacio de Uriarte, Pilar Mata, Fernando Molina, Francisco Romero, Enrique Ríos, Andrea Esqueda, Federico del Río and Santiago Graf.

Norton Rose Fulbright advised The Bank of Tokyo-Mitsubishi UFJ, the Inter-American Investment Corporation, the International Finance Corporation and Banco Nacional de Obras y Servicios Públicos, S.N.C., Institución de Banca de Desarrollo with Raquel Bierzwinsky, Mario Piana, Michael Masri, Monika Szymanski, Lee Gordon, Heather Behrend, Rachel Crouch, David Rajunov, Carlos Campuzano, Dilpreet Minhas, Rachel Rosenfeld, Elizabeth Hernandez and Antonio Rubilar.

Involved fees earner: Pilar Mata Fernández – Mijares, Angoitia, Cortés y Fuentes, S.C.; Horacio de Uriarte – Mijares, Angoitia, Cortés y Fuentes, S.C.; Fernando Molina Ostos – Mijares, Angoitia, Cortés y Fuentes, S.C.; Francisco Cayetano Romero – Mijares, Angoitia, Cortés y Fuentes, S.C.; Federico Andrés del Río Abundis – Mijares, Angoitia, Cortés y Fuentes, S.C.; Santiago Graf Phillips – Mijares, Angoitia, Cortés y Fuentes, S.C.; Andrea Esqueda Becerril – Mijares, Angoitia, Cortés y Fuentes, S.C.; Raquel Bierzwinsky – Norton Rose Fulbright; Mario Piana Yanez – Norton Rose Fulbright; Michael Masri – Norton Rose Fulbright; Keith Lee Gordon – Norton Rose Fulbright; Rachel Crouch – Norton Rose Fulbright; David Rajunov Tawil – Norton Rose Fulbright; Dilpreet Minhas – Norton Rose Fulbright; Rachel Faye Rosenfeld – Norton Rose Fulbright; Monika Szymanski – Norton Rose Fulbright; Heather Behrend – Norton Rose Fulbright; Carlos Francisco Campuzano – Norton Rose Fulbright; Elizabeth Hernandez Zambrano – Norton Rose Fulbright; Gregory Tan – Shearman & Sterling; Christian Rudloff – Shearman & Sterling; Augusto Ruiloba – Shearman & Sterling; Azam Aziz – Shearman & Sterling; Nathan Tasso – Shearman & Sterling; Adam Sternberg – Shearman & Sterling; Uttara Dukkipati – Shearman & Sterling;

Law Firms: Mijares, Angoitia, Cortés y Fuentes, S.C.; Norton Rose Fulbright; Shearman & Sterling;

Clients: Bank of Tokyo Mitsubishi UFJ; International Finance Corporation; Cubico Sustainable Investments; Banco Nacional de Obras y Servicios Públicos (Banobras); Inter-American Investment Corporation; Alten Renewable Energy;

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Author: Ambrogio Visconti