Invenergy’s $64.75 million Second Investment-Grade Rated Project Bond for La Jacinta Solar Farm

White & Case, Hughes & Hughes, FERRERE, Clifford Chance, Mayer Brown and Guyer & Regules advised on the transaction

Invenergy’s La Jacinta Solar project, located in the Salto Department of Uruguay, issued a 24.5-year investment-grade rated project bond (Baa3/Moody’s) for approximately $64.75 million in the U.S. Private Placement Market. La Jacinta Solar is a 50 megawatt alternating current (AC) / 64.8 megawatt direct current (DC) solar project, and is Invenergy’s second in Uruguay.

The issuance is under an innovative A/B Bond structure involving a capital markets solution under the umbrella of the IDB Invest, the private sector arm of the IDB Group. The deal was structured and arranged by DNB Markets, Inc. and IDB Invest, and was marketed by DNB Markets, Inc. as Sole Placement Agent. The project bond also received a green bond (GB) certification and assessment of GB2 from Moody’s.

La Jacinta Solar completed construction and began commercial operations in September 2015. The facility generates power from 216,000 BYD solar modules, 50 Ingeteam inverters and 25 step-up LV/MV (low voltage/medium voltage) transformers and is delivered to the country’s grid under an approximately 26-year remaining power purchase agreement with Administración Nacional de Usinas y Trasmisiones Eléctricas (UTE), the Uruguayan state-owned utility. The proceeds of the project bond issuance will be used to refinance the existing construction loan.

Invenergy drives innovation in energy. Invenergy and its affiliated companies develop, own, and operate large-scale renewable and other clean energy generation and storage facilities in the Americas and Europe. Invenergy’s home office is located in Chicago and it has regional development offices in the United States, Canada, Mexico, Japan and Europe.

Invenergy and its affiliated companies have developed more than 17,300 megawatts of projects that are in operation, construction or contracted, including wind, solar, natural gas-fueled power generation and energy storage projects.

White & Case advised Jacinta Solar Farm SRL with Carlos Viana (Picture), Christopher Delp, Thomas Pate and Rosa Llamo.

In Uruguay, Hughes & Hughes advised Jacinta Solar Farm SRL with Haroldo Espalter, Mariana Estradé, Clara Villaamil, Mercedes Barros and Marcela Severi.

FERRERE advised BID Invest with Gonzalo Secco, Sebastián Ramos, José Lima, Agustina Pérez and Enrique Slekis.

In US, Clifford Chance advised BID Invest with Lori Bean, Laura Marriott, Lauran Smith and Evan Pelz.

Mayer Brown advised the bondholders.

Guyer & Regules advised TMF Trust Uruguay S.A. – acting as security agent – with Corina Bove, Javier Berdaguer, Diego Baldomir and Martina Reyes.

Involved fees earner: Corina Bove – Guyer & Regules; Javier Berdaguer – Guyer & Regules; Diego Baldomir – Guyer & Regules; Martina Reyes – Guyer & Regules; Gonzalo Secco – Ferrere Attorneys; Sebastián Ramos – Ferrere Attorneys; Jose Lima – Ferrere Attorneys; Agustina Pérez Lete – Ferrere Attorneys; Enrique Slekis – Ferrere Attorneys; Haroldo Espalter – Hughes & Hughes Abogados; Mariana Estrade – Hughes & Hughes Abogados; Clara Villaamil – Hughes & Hughes Abogados; Mercedes Barros – Hughes & Hughes Abogados; Marcela Severi – Hughes & Hughes Abogados; Mariana Estrade – Hughes & Hughes Abogados; Carlos Viana – White & Case; Christopher Delp – White & Case; Thomas Pate – White & Case; Rosa Llamo – White & Case; Lori Ann Bean – Clifford Chance; Laura Marriott – Clifford Chance; Lauran Smith – Clifford Chance; Evan Pelz – Clifford Chance;

Law Firms: Guyer & Regules; Ferrere Attorneys; Hughes & Hughes Abogados; White & Case; Clifford Chance;

Clients: TMF Trust Company; BID Invest; Jacinta Solar Farm SRL;


Author: Ambrogio Visconti.