IDB Invest’s US$128,3 Financing For Floating Storage And Regasification Unit In El Salvador

Clifford Chance advised IDB Invest as lender to FSRU Ltda de CV and FSRU Development Pte Ltd.

The FSRU will be permanently moored at the port of Acajutla in the Department of Sonsonate in El Salvador, to provide liquified natural gas regasification services to Energia del Pacifico Limitada de CV, a 378-megawatt combined cycle thermal power plant financed by IDB Invest in 2019. The FSRU is an essential piece for the operation of the LNG-to-power plant, which is expected to be the lowest cost thermal generator in El Salvador, a country heavily reliant on imported heavy fuel oil-fired generators for its dispatched power. This is expected to result in reliable energy, reduced carbon emissions and increased foreign investment.

The first disbursement of the loan occurred on March 11, 2021. Commercial operations are expected to begin by the end of 2021.

Clifford Chance’s Lead partner Kate McCarthy (Picture) was supported by a multi-jurisdictional, cross-practice team: lead deal associate Jessica Springsteen, associates Rob Richardson, Eli Keene, Greg Jehle and special legal consultant Pablo Fekete; associate Jaime Turcios; lawyer Lucy Roberts and trainee solicitor Chloe Barclay in London; attorney Gabriel Miranda; Patricio Abal, senior associate Marcella Stokell and associate Desmond Ng.

Involved fees earner: Patricio Abal – Clifford Chance; Greg Jehle – Clifford Chance; Eli Keene – Clifford Chance; Catherine McCarthy – Clifford Chance; Desmond Ng – Clifford Chance; Rob Richardson – Clifford Chance; Lucy Roberts – Clifford Chance; Jessica Springsteen – Clifford Chance; Marcella Stokell – Clifford Chance; Jaime Turcios Zacarias – Clifford Chance;

Law Firms: Clifford Chance;

Clients: IDB Invest;

Author: Martina Bellini