Global law firm Clifford Chance has advised Sumitomo Mitsui Banking Corporation as sole lead arranger, bookrunner and hedge coordinator, in connection with a loan facility to Ashmore Renewables S.A.C., an Ashmore Group company.

The proceeds of the loan were used to finance the acquisition of Ergon Peru S.A.C. and its operating arm, TRE Peru S.A.C., a company aiming to expand electrical coverage across Peru by installing and maintaining off-grid photovoltaic systems and equipment. The transaction includes two fully operational rural electrification concessions dedicated to install, operate and maintain photovoltaic systems located in off-grid communities, schools and healthcare facilities across underserved areas in Peru.

The Clifford Chance team advising on the transaction comprised counsel Alberto Haito in Washington, DC and associates Joyce Moore and David Rondon in New York. Partner Darren Littlejohn and associates Andrew Des Rault, Isabel Hager Johnson and Shuhan Liu in New York provided derivates advice.

Clifford Chance advises on many similar transactions in the Latin American market, including advising Sumitomo Mitsui Banking Corporation on a syndicated loan for a mining services company in Peru.