Enel’s $3.8 Billion corporate reorganisation in Chile

Carey, Winston & Strawn, Cariola, Díez, Pérez-Cotapos, Garrigues, Davis Polk & Wardwell advised on the transactions

Enel Chile S.A. and Enel Generación Chile S.A. adopted resolutions concerning the implementation of the reorganisation of the Enel Group’s shareholdings in Chile.

More specifically, the integration in Enel Chile of the Chilean renewables assets held by Enel Green Power Latin America S.A. through the merger by incorporation of the latter into Enel Chile, the launch by Enel Chile of a public tender offer (the “Offer”) for all of the shares of the subsidiary Enel Generación Chile held by minority shareholders, the amendment of the bylaws of Enel Generación Chile with the aim to remove the limits on share ownership in the company, which currently do not allow any single shareholder to own more than 65% of the company’s share capital.

EGP Chile is the largest company in the national renewables market and currently operates plants with an existing combined capacity of 1.2 GW, of which 564 MW proceed from wind power, 492 MW from solar energy and 92 MW from hydroelectric power, which make Enel a leader in the national market. Additionally, EGP Chile has just begun generating power from the Cerro Pabellón plant (48 MW), which is the first high enthalpy geothermal plant in South America, built 4,500 meters above sea level.

Enel Generación Chile operates a total of 6,351 MW power, which represents 29% of the existing capacity in the local market. 54% of this is hydroelectric, 44% thermoelectric and 2%, wind powered. The company participates in the Sistema Interconectado Central (SIC), the main electric power system in the country, ranging from Taltal to Chiloe, a territory where approximately 93% of the population lives, and where its existing capacity and that of its affiliates and joint control partnerships contribute a total of 5,389 MW to this system, the equivalent of close to 34%. The company also participates in the Sistema Interconectado del Norte Grande (SING), through its GasAtacama and Celta Power Plants. The total existing capacity in SING reaches 963 MW, representing 18% of this system.

Enel Chile S.A. owns and operates renewable energy projects. The Company, led by Nicola Cotugno and Raffaele Enrico Grandi, generates, transmits, and distributes electricity energy. Enel Chile serves customers worldwide.

Carey advised Enel Chile S.A. with Jorge Carey (Picture), Alfonso Silva, Salvador Valdés, Cristián Figueroa, Patricia Silberman, Raimundo Honorato, Vicente Yubini, Elvira Vial, Juan Pablo Loyola and Diego Peralta.

In US, Winston & Strawn advised Enel Chile S.A. with J. Allen Miller, Sey-Hyo Lee, Claude Serfilippi, Edmund Cohen, Soyun Park, Juan de Dios Ferrada, Tae Sang Yoo, Amanda Sewell and T. Justin Trapp.

Cariola, Díez, Pérez-Cotapos advised Enel Generación Chile S.A. with Francisco Javier Illanes, Juan Antonio Parodi and Florencia Grez.

Garrigues advised Enel Green Power Latin América with Pedro García Morales, Cristóbal Fainé Henríques, María Teresa Aldunate Fernández and Juan Eduardo Vidal.

Garrigues advised the Banking sydicate including Banco de Chile, Banco Santander-Chile, BBVA Securities Inc., Citigroup Global Markets Inc., JPMorgan Chase Bank, N.A., Morgan Stanley Senior Funding, Inc. and Scotiabank Chile in the $1.550 Million Financing of the takeover bid of Enel Generación Chile. with a team including Pedro García Morales and Francisca Ferrer.

In US, Davis Polk & Wardwell advised the Banking syndicate with James A. Florack, Omar Raddawi and Isabel Rivera.

 

Involved fees earner: Jorge Carey – Carey; Alfonso Silva – Carey; Salvador Valdés – Carey; Cristián Figueroa – Carey; Patricia Silberman – Carey; Raimundo Honorato – Carey; Vicente Yubini – Carey; Elvira Vial – Carey; Juan Pablo Loyola – Carey; Diego Peralta – Carey; Francisco Javier Illanes – Cariola, Díez, Pérez-Cotapos & Cía Ltda; Juan Antonio Parodi – Cariola, Díez, Pérez-Cotapos & Cía Ltda; Florencia Grez – Cariola, Díez, Pérez-Cotapos & Cía Ltda; Allen Miller – Winston & Strawn; Sey-Hyo Lee – Winston & Strawn; Claude Serfilippi – Winston & Strawn; Juan de Dios Ferrada – Winston & Strawn; Tae Sang Yoo – Winston & Strawn; Amanda Sewell – Winston & Strawn; Edmund Cohen – Winston & Strawn; Soyun Park – Winston & Strawn; Justin Trapp – Winston & Strawn; James Florack – Davis Polk & Wardwell; Omar Raddawi – Davis Polk & Wardwell; Pedro García Morales – Garrigues; Francisca Ferrer – Garrigues; Cristóbal Fainé Henríquez – Garrigues; María Teresa Aldunate Fernández – Garrigues; Juan Eduardo Vidal Kunstmann – Garrigues;

Law Firms: Carey; Cariola, Díez, Pérez-Cotapos & Cía Ltda; Winston & Strawn; Davis Polk & Wardwell; Garrigues;

Clients: Citigroup Global Markets Ltd; Banco de Chile; JPMorgan Chase & Co.; Morgan Stanley Senior Funding, Inc.; Enel Generación Chile S.A. ; Banco Santander Chile; Scotiabank Chile; BBVA Securities Inc.; Enel Chile S.A.; Enel Green Power Latin América;

 

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Author: Ambrogio Visconti.