Solek’s $85.25 Million Credit Facility

White & Case and Guerrero Olivos advised Solek Holding SE and Solek Chile Holdings SpA on the transaction.
Garrigues advised Natixis and Banco BICE and Milbank advised Natixis.

Solek Group, through its Chilean subsidiaries, and Natixis as Sole Lead Arranger, Hedge Provider, LC Issuing Bank and Administrative Agent, have signed a $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.

White & Case advised Solek Holding SE and Solek Chile Holdings SpA with Thomas Pate, Jacqueline Durand and Pedro Hendel.

In Chile, Guerrero Olivos advised Solek Holding SE and Solek Chile Holdings SpA with Miguel Coddou A. (Picture), Sebastián Abogabir Méndez, Benjamín Novoa, Felipe Frühling, Francisca Pellegrini, Matías Ríos Urquidi, Antonia Namur and Sofía Middleton Zañartu.

Garrigues advised Natixis, New York Branch with Pedro García Morales, Antonio Morales Mutis, Francisco Irarrázaval Armendáriz and Esteban Orhanovic.

Milbank LLP advised Natixis, New York Branch in US.

Garrigues advised Banco BICE with Jaime de Larraechea Carvajal, Federico Espinosa Fernández and Fernando Vial Comber.

Involved fees earner: Jaime de Larraechea Carvajal – Garrigues; Federico Espinosa Fernández – Garrigues; Pedro García Morales – Garrigues; Francisco Irarrázaval Armendáriz – Garrigues; Antonio Morales Mutis – Garrigues; Sebastián Abogabir Méndez – Guerrero Olivos; Miguel Coddou Astrain – Guerrero Olivos; Felipe Fruhling Knapp – Guerrero Olivos; Sofía Middleton Z. – Guerrero Olivos; Antonia Namur – Guerrero Olivos; Benjamín Novoa Mackenna – Guerrero Olivos; Francisca Pellegrini – Guerrero Olivos; Matías Ríos – Guerrero Olivos; Jacqueline Stephanie Durand – White & Case; Pedro Hendel – White & Case; Thomas Pate – White & Case;

Law Firms: Garrigues; Guerrero Olivos; White & Case;

Clients: Banco BICE; Natixis; Solek Chile Holdings SpA; Solek Holding SE;

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