Global law firm Clifford Chance has advised IDB Invest; JP Morgan Chase Bank, N.A.; Banco Latinoamericano de Comercio Exterior, S.A. and The Bank of Nova Scotia, as joint lead arrangers in an A/B loan financing provided to AES Dominicana Renewable Energy S.A.; Agua Clara S.A.S and I.E. DR Projects I, S.R.L., to support renewable energy projects in the Dominican Republic, the largest financing for renewable energy projects for a Caribbean economy.
Total project costs are approximately US$450 million. The proceeds will be used to (i) finance the design, construction, operation and maintenance of three greenfield solar projects totalling 240MW of installed capacity, and (ii) refinance existing facilities relating to wind and solar farms totalling 150MW of installed capacity.
The Clifford Chance team advising on the transaction included partner Fabricio Longhin, counsel Kate McCarthy and Patricio Abal, associates Mariana Gutierrez Ruiz and Brianna Jones Rich, and foreign law clerk Juan Andrés Bosch Muñoz. Partner Hugo Triaca and associates Andrés Berry and David Rondon advised the participants in the A/B loan; partner Darren Littlejohn and associate Elizabeth Kennedy advised the hedge providers; partner Avrohom Gelber and associate Wei Bin Tan provided tax support and partner Paul Koppel and associate Thomas Koh advised on ERISA matters.
Clifford Chance advises on many landmark energy and infrastructure transactions in the Latin American market. Recently, the team advised IDB Invest and Proparco on the Ăguas do Rio clean water and sanitation projects in Rio de Janeiro, Brazil.
