Global law firm Clifford Chance has advised CIFI Services, S.A. (CIFI) as mandated lead arranger, Fondo de Inversión Cerrado Libre para el Desarrollo de Infraestructuras Dominicanas I, CIFI LatAm, S.A., BHD International Bank (Panamá) S.A., Banco De Reservas de la República Dominicana – Banco de Servicios Múltiples, Banco Popular Dominicano, S.A.- Banco Múltiple, BPR Bank S.A., Popular Bank Ltd., Inc., Banco Múltiple BHD, S.A., Banco Múltiple Promérica de la República Dominicana, S.A., St. Georges Bank & Company Inc., Banistmo S.A., Banco Ficohsa (Panama), S.A., as lenders, and Banco Popular Dominicano, S.A.- Banco Múltiple, as administrative agent, on the multi-currency long-term financing to SIBA Energy Corporation for the financing, construction and commissioning of a combined-cycle gas fired power plant located in the Dominican Republic, with a combined capacity of approximately 258.437 MW. The financing is comprised of three different tranches: (i) a tranche in Dominican Pesos of up to DOP$4.1 billion, (ii) a tranche in US Dollars of up to US$188 million and (iii) a tranche in US Dollars of up to US$40 million.
SIBA Energy Corporation operates as a subsidiary of Empresa Generadora de Electricidad Haina S.A., the largest private-sector generator of electricity in the Dominican Republic.
The Clifford Chance team advising on the deal comprised counsel Alberto Haito, associates Mari Correa and Douglas Mulliken and special legal consultant Pedro Buchanan in Washington, DC, and partner Avrohom Gelber and associate Sharon Yu in New York.
Clifford Chance advises on many transactions energy sector in Latin America, recently advising the lenders on a solar energy financing in the Dominican Republic.
