Marlim Azul Energia’s $484,9 Million Financing


Mattos Filho, Veiga Filho, Marrey Jr. e Quiroga, Machado Meyer, Veirano, Trench Rossi Watanabe (Baker McKenzie), Baker McKenzie and Chediak advised on the deal

Mitsubishi Hitachi Power Systems Americas (MHPS), Patria Investments, and Shell signed a contract with Brazil’s State-owned development bank (BNDES) to finance the gas-powered Marlim Azul Energia power plant, in Macaé (Rio de Janeiro State). The loan approved by the bank for the construction of the plant is BRL 2 billion over 24 years.

Formally agreed to in December 2018, the joint venture between Patria, Shell and MHPS includes development of the plant, as well as trading of the energy generated. Patria Investments has a 50.1% stake in the project, while Grupo Shell has 29.9% and MHPS has 20%.

The plant will begin operation in January 2023. The joint venture is investing BRL 2.5 billion (approx. USD 650M) in the construction of the thermoelectric plant, with Shell Brasil Petróleo Ltda supplying the gas. At its peak, construction of the plant will employ around 1,500 people.

Mattos Filho, Veiga Filho, Marrey Jr. e Quiroga advised Banco Bradesco, Banco do Brasil, Banco Votorantim and Banco Sumitomo Mitsui Brasileiro with Pablo Sorj (Picture), Marco Aurélio Rabenhorst Saliba, Lucas Melgaco Conrado and Lucca Rizzo.

Machado Meyer advised Azul Energia S.A. with José Prado, Raphael Oliveira Zono and Andre Moretti De Gois.

Veirano advised Shell Gas B.V. with Ali El Hage Filho, Ana Carolina Barretto, Elisa Rezende and Maria Julia Pinto.

Trench Rossi Watanabe (Baker McKenzie) advised Mitsubishi Hitachi Power Systems Americas Inc. with José Roberto Martins, Helen Carla Caiado Naves, João Gustavo Gomes Santiago and Fausto Miyazato R. Teixeira.

In US, Baker McKenzie advised Mitsubishi Hitachi Power Systems Americas Inc. with Jai Khanna.

Chediak Advogados advised Arke Energia with Luiz Claudio Salles Cristofaro.

Involved fees earner: Jai Khanna – Baker McKenzie; Luiz Claudio Salles Cristofaro – Chediak Advogados; Andre Moretti De Gois – Machado Meyer Advogados; Raphael Zono – Machado Meyer Advogados; José Prado Jr. – Machado Meyer Advogados; Lucas Melgaco Conrado – Mattos Filho Veiga Filho Marrey Jr & Quiroga; Marco Aurélio Rabenhorst Saliba – Mattos Filho Veiga Filho Marrey Jr & Quiroga; Lucca Rizzo – Mattos Filho Veiga Filho Marrey Jr & Quiroga; Pablo Sorj – Mattos Filho Veiga Filho Marrey Jr & Quiroga; Helen Carla Caiado Naves – Trench, Rossi and Watanabe Advogados; João Gustavo Gomes Santiago – Trench, Rossi and Watanabe Advogados; José Roberto Martins – Trench, Rossi and Watanabe Advogados; Fausto Miyazato Teixeira – Trench, Rossi and Watanabe Advogados; Ana Carolina Barretto – Veirano Advogados; Ali El Hage Filho – Veirano Advogados; Maria Julia Pinto – Veirano Advogados; Elisa Rezende – Veirano Advogados;

Law Firms: Baker McKenzie; Chediak Advogados; Machado Meyer Advogados; Mattos Filho Veiga Filho Marrey Jr & Quiroga; Trench, Rossi and Watanabe Advogados; Veirano Advogados;

Clients: Arke Energia; Banco Bradesco SA; Banco do Brasil; Banco Sumitomo Mitsui Brasileiro; Banco Votorantim; Marlim Azul; Mitsubishi Hitachi Power Systems Americas, Inc.; Shell Gas B.V.;

Author: Ambrogio Visconti.