Clifford Chance advised IDB Invest on the deal.
IDB Invest provided financing to Neoen SA for two battery storage projects with a total capacity of 11MW and 8 MWh to be installed at the existing Capella and Providencia solar plants in El Salvador. The batteries will provide primary and secondary reserve services for the plants, which will result in substantial operational savings for the projects.
The combined financing will be provided by IDB Invest with funds from the Canadian Climate Fund for the Private Sector of the Americas – Phase II. The project is expected to result in the reduction of CO2 emissions by an estimated 5,000 metric tonnes per year, avoiding the use of fossil fuel power plants for ancillary services.
Working with Fabricio Longhin (Picture) on the Clifford Chance’s cross-border team were associates Greg Jehle and Luis Fortuño, in Washington, DC, and partner Delphine Siino Courtin, avocat Eric Lienard and jurist Maxence De Rouville in Paris.
Law Firms: Clifford Chance;
Clients: IDB Invest;