Milbank LLP advised Natixis on the deal.
Solek Group, through its Chilean subsidiaries (“Solek”), and Natixis as Sole Lead Arranger, Hedge Provider, LC Issuing Bank and Administrative Agent, have signed a US $85.25 million senior secured facility for a portfolio of solar photovoltaic plants in Chile totaling at least 110MW. This marks Natixis’ first transaction with Solek, which was fully underwritten by Natixis.
Solek’s portfolio consists of solar projects that will operate under Chile’s special regime for distributed generation projects (known as “PMGD”). Each of the PMGD projects in the portfolio will have a capacity of up to 9 MWAc and be entitled to sell its energy output at the regulated stabilized price. The financing structure provides Solek the flexibility to add other projects to the portfolio, subject to meeting pre-defined eligibility criteria.
The Milbank deal team was led by Global Project, Energy and Infrastructure Finance partner Jaime Ramirez (Picture) and included associates Geoff Butterworth and Victoria Xie.
Law Firms: Milbank LLP;