Clifford Chance advised Instituto Costarricense de Electricidad on the deal.
Instituto Costarricense de Electricidad (ICE), the Costa Rican state-owned electricity and telecommunications services provider, returned to the international capital markets after eight years with an issuance of US$300 million aggregate principal amount of 6.750% Sustainability-Linked Senior Notes (the Notes) due 2031.
The Sustainability-Linked feature of the Notes targets the implementation of at least 502,000 electric smart meters in ICE’s concession area by December 31, 2025. Smart meters utilize automated technology to improve the monitoring of consumption, detection of energy theft and the building out of a smarter grid. This target is in line with ICE’s strategic plan of reaching 100% smart meter coverage by 2035.
The Clifford Chance team was led by Capital Markets partner Hugo Triaca (Picture) in New York. Tax partner Avrohom Gelber, associate Anna Shepard and foreign law clerks Jorge Vázquez Navarro and Jorge Bojalil provided support.
Law Firms: Clifford Chance;
Clients: Instituto Costarricense de Electricidad;