$410 Million project finance loan to Aela Energía


Clifford Chance, Carey, Milbank, Philippi, Prietocarrizosa, Ferrero DU & Uría, Claro & Cia, White & Case and Morales & Besa advised on the transaction

The Inter-American Investment Corporation (IIC), the private sector arm of the Inter-American Development Bank Group, closed a $135 million project finance loan to Aela Energía for the construction, operation and maintenance of three wind projects located in the Atacama, Los Lagos and Bio-Bio regions of Chile and for the refinancing of a China Development Bank loan on Cuel wind farm.

With a combined installed capacity of 332 MW, the projects will help support the economic development of the country by contributing to the diversification of the Chilean energy matrix. The wind projects are expected to decrease thermal and hydro generation reliance by supplying approximately 907 GWh of electricity per year and reducing the country’s carbon footprint by displacing 590,798 equivalent tons of carbon emissions on average per year.

As mandated lead arranger, the IIC provided its loan as part of a $410 million financing package in conjunction with Mitsubishi UFJ Financial Group, Sumitomo Mitsui Banking Corporation, Korean Development Bank, CaixaBank and KfW. Project financing will account for approximately 70 percent of the total financing for the projects, while the equity partners will provide the other 30 percent.

Aela Energía, which is 60 percent owned by Actis and 40 percent owned by Mainstream, will build and operate the 170 MW Sarco and 129 MW Aurora projects, as well as own and operate the 33 MW Cuel project.

Banco Santander-Chile granted $25 Million Financing for VAT Taxes.

Clifford Chance advised Aela Energía with Daniel Winick (Picture), Nicholas Hughes, Charles Cochrane, Rodrigo Uría, Florian Mahler, Dauwood Malik y Jiahua Ni, Martin Menski,Tiecheng Yang, Vicky Ma, Jonathan Dillon, Matthew Lilley, Jo En Low, Bahar Rahimyar, Axel Schlieter, Kimi Liu, Alan Sakar, Greg Jehle, Greg Kahn, Rachel Swan, Lucianne Bannerman, Javier Olabarri, Salome Jibuti and Jonathan Yan.

In Chile, Carey advised Aela Energía with Juan Francisco Mackenna, Felipe Moro, Matías Vergara, Carmenmaría Poblete, Borja Coz, Elvira Vial, Gabriel Acuña, Patricia Montt, Diego Ibarrola and Valentina Vizcay.

Milbank advised CaixaBank S.A., The Korea Development Bank (KDB), KfW IPEX-Bank GmbH, The Bank of Tokyo-Mitsubishi UFJ, Ltd. (MUFG), Sumitomo Mitsui Banking Corporation (SMBC), the Inter-American Investment Corporation (IIC), and the Inter-American Development Bank with Dan Bartfeld, Roland Estevez, Andrés Arnaldos Montaner, Carolyn Miller, Delia Solomon, Michael Cooper, Brian Lee, Katja Lehr and Robert Thompson.

In Chile, Philippi, Prietocarrizosa, Ferrero DU & Uría advised CaixaBank S.A., The Korea Development Bank (KDB), KfW IPEX-Bank GmbH, The Bank of Tokyo-Mitsubishi UFJ, Ltd. (MUFG), Sumitomo Mitsui Banking Corporation (SMBC), the Inter-American Investment Corporation (IIC), and the Inter-American Development Bank with Marcelo Armas, Mario Mozo, Natalia Czwiklitzer, Marcela Silva, Isidora Edwards, Vicente Vergara, Benjamín Cuevas and Felipe Ossa.

Claro & Cia. advised China Development Bank with José Luis Ambrosy and Philippa Cooper.

White & Case advised Banco Santander – Chile with Edward Neaher.

Morales & Besa advised Banco Santander – Chile Myriam Barahona, Francisca Pérez, Paulo Quinteros, María Francisca Estrougo, Gonzalo Machuca and Jaime Rosso.

Involved fees earner: Felipe Moro – Carey; Elvira Vial – Carey; Gabriel Acuña – Carey; Patricia Montt – Carey; Valentina Vizcay – Carey; Juan Francisco Mackenna – Carey; Carmenmaría Poblete – Carey; Borja Coz – Carey; Diego Ibarrola – Carey; Matías Vergara – Carey; Marcelo Armas Mac Donald – Philippi Prietocarrizosa Ferrero DU & Uría; Mario Mozó Lira – Philippi Prietocarrizosa Ferrero DU & Uría; Marcela Silva Gonzalez – Philippi Prietocarrizosa Ferrero DU & Uría; Isidora Edwards – Philippi Prietocarrizosa Ferrero DU & Uría; Vicente Vergara Campusano – Philippi Prietocarrizosa Ferrero DU & Uría; Benjamín Cuevas – Philippi Prietocarrizosa Ferrero DU & Uría; Natalia Czwiklitzer Sumar – Philippi Prietocarrizosa Ferrero DU & Uría; Felipe Ossa Parot – Philippi Prietocarrizosa Ferrero DU & Uría; Myriam Barahona – Morales & Besa; Paulo Quinteros – Morales & Besa; María Francisca Estrougo R. – Morales & Besa; Gonzalo Machuca F. – Morales & Besa; Francisca Pérez – Morales & Besa; Jaime Rosso G. – Morales & Besa; Daniel Bartfeld – Milbank; Roland Estevez – Milbank; Andrés Arnaldos Montaner – Milbank; Carolyn Miller – Milbank; Delia Solomon – Milbank; Michael Cooper – Milbank; Brian Lee – Milbank; Katja Lehr – Milbank; Robert Thompson – Milbank; José Luis Ambrosy – Claro y Cia; Philippa Cooper – Claro y Cia; Ned Neaher – White & Case; Daniel Winick – Clifford Chance; Charles Cochrane – Clifford Chance; Rodrigo Uria – Clifford Chance; Florian Mahler – Clifford Chance; Dauwood Malik – Clifford Chance; Jiahua Ni – Clifford Chance; Martin Menski – Clifford Chance; TieCheng Yang – Clifford Chance; Vicky Ma – Clifford Chance; Matthew Lilley – Clifford Chance; Bahar Rahimyar – Clifford Chance; Axel Schlieter – Clifford Chance; Kimi Liu – Clifford Chance; Alan Sakar – Clifford Chance; Greg Kahn – Clifford Chance; Nicholas Hughes – Clifford Chance; Jonathan Dillon – Clifford Chance; Jo En Low – Clifford Chance; Rachel Swan – Clifford Chance; Lucianne Bannerman – Clifford Chance; Javier Olábarri – Clifford Chance;

Law Firms: Carey; Philippi Prietocarrizosa Ferrero DU & Uría; Morales & Besa; Milbank; Claro y Cia; White & Case; Clifford Chance;

Clients: China Development Bank (CDB); KfW IPEX-Bank GmbH; Sumitomo Mitsui Banking Corporation; Bank of Tokyo Mitsubishi UFJ; Korea Development Bank; CaixaBank; Inter-American Development Bank; Inter-American Investment Corporation; Banco Santander Chile; Aela Energía;