Milbank, Stocche Forbes, Tauil & Chequer (Mayer Brown), White & Case and Machado, Meyer, Sendacz e Opice advised on the deal
CELSE – Centrais Elétricas de Sergipe closed the financing for the Porto de Sergipe I Thermoelectric Complex. The Project, located in Barra dos Coqueiros in the State of Sergipe, is the largest cross-border energy related transaction in Brazil in recent years and the largest LNG-to-Power deal completed to date in Latin America.
The financing of approximately R$5 billion (equivalent to approximately US$1.5 billion) encompassed the issuance of approximately R$3.37 billion of Brazilian debentures, in addition to commitments from IFC (International Finance Corporation) and IDB Invest. The debentures were issued with coverage from SERV (Swiss Export Risk Insurance), the Swiss export credit agency.
The Project is comprised of a gas-fired combined cycle power plant with a total installed capacity of 1.5GW, a 33-km transmission line, an offshore terminal where a chartered FSRU (Floating Storage and Regasification Unit) will be moored, and a subsea and underground gas pipeline to transport the regasified LNG from the offshore terminal to the plant. When completed, the Project will be the largest thermal power plant in Brazil by capacity.
The Sponsors are EBRASIL – Eletricidade do Brasil, one of the largest independent power producers in Brazil, and Golar Power, a joint venture between the Norway-based Golar LNG and the US-based investment fund Stonepeak Infrastructure Partners.
Milbank, Tweed, Hadley & McCloy LLP has advised CELSE – Centrais Elétricas de Sergipe with a team including Dan Bartfeld (Picture) Fernando Capellão, Rhys Howard, Talita Duarte, Stuart Morrissy, Tobias Stirnberg, Matt Hagopian, Manzer Ijaz, Felicia Hanson Ofori-Quaah, Robert Thompson, Tathyane Vosgerau and Eusebius Luk.
In Brazil, Stocche Forbes advised CELSE – Centrais Elétricas de Sergipe with Miriam Signor, Laercio Munechika, João Carlos Villa, Mariana David, Luis Felipe Braz and João Pedro Lins.
Tauil & Chequer (Mayer Brown advised GE Capital with Luis Montes, Eduardo Lima, Debora Yanasse, Ingrid Pistili and Theodoro Scott.
White & Case advised Goldman Sachs & Co. LLC, Inter-American Investment Corporation (IDB Invest), International Finance Corporation and Swiss Export Risk Insurance (SERV) with John Anderson, John Vetterli, Ned Neaher, Mark Castillo-Bernaus, Brendan Quinn, Candice Ota, John Donaleski, Peter Dagher, Sean Williams, Jia Ying, Rafael Roberti, César Briceno López, Yana Shneyderman, Dina Elshurafa, Christina Koravos, Toby Breheny, Sean Goldstein and Julia Bell.
In Brazil, Machado, Meyer, Sendacz e Opice advised Inter-American Investment Corporation (IDB Invest), International Finance Corporation and Swiss Export Risk Insurance (SERV) with Paloma Lima, José Virgílio Lopes Enei, Maria Júlia Florencio, Larissa Santiago Gebrim, Antonio Paulo Kubli Vieira and Bruno Gomes.
Involved fees earner: Miriam Signor – Stocche Forbes Advogados; Laercio Munechika – Stocche Forbes Advogados; João Carlos Villa – Stocche Forbes Advogados; Mariana Batista David – Stocche Forbes Advogados; Luís Felipe Braz – Stocche Forbes Advogados; João Pedro Vettorazzo Barbosa Lins – Stocche Forbes Advogados; Paloma Valéria Martins Lima – Machado, Meyer, Sendacz e Opice; José Virgílio Lopes Enei – Machado, Meyer, Sendacz e Opice; Maria Júlia Menezes De Toledo Florêncio – Machado, Meyer, Sendacz e Opice; Larissa Gebrim – Machado, Meyer, Sendacz e Opice; Antonio Paulo Kubli Vieira – Machado, Meyer, Sendacz e Opice; Bruno Gomes – Machado, Meyer, Sendacz e Opice; Luis Montes – Mayer & Brown; Eduardo Lima – Mayer & Brown; Débora Yanasse – Mayer & Brown; Ingrid do Nascimento Pistili – Mayer & Brown; Theodoro Scott – Mayer & Brown; Dan Bartfeld – Milbank; Fernando Capellão – Milbank; Rhys Howard – Milbank; Matthew Hagopian – Milbank; Manzer Ijaz – Milbank; Felicia Hanson Ofori-Quaah – Milbank; Robert Thompson – Milbank; Tathyane Vosgerau – Milbank; Eusebius Luk – Milbank; Stuart Morrissy – Milbank; Tobias Stirnberg – Milbank; John Anderson – White & Case; Ned Neaher – White & Case; Mark Castillo-Bernaus – White & Case; Brendan Quinn – White & Case; Candice Ota – White & Case; John Donaleski – White & Case; Peter Dagher – White & Case; Sean Williams – White & Case; Rafael Roberti – White & Case; Cesar Briceno Lopez – White & Case; Dina Elshurafa – White & Case; Christina Koravos – White & Case; Toby Breheny – White & Case; Sean Goldstein – White & Case; Julia Bell – White & Case; John Vetterli – White & Case;