Martínez De Hoz & Rueda, Beccar Varela y Tanoira Cassagne Advise in the Secured Financing from International Banks to an Affiliate of JinkoSolar Holding Co., Ltd. for a Total Amount of US$105,185,805 Million.
November, 2018 - Buenos Aires, Argentina
Buenos Aires, November 1st, 2018. Martínez de Hoz & Rueda (Argentina) and Cleary Gottlieb Steen & Hamilton LLP (USA) assisted Cordillera Solar I S.A. -in its capacity as borrower-, a vehicle of JinkoSolar Holding Co., Ltd. -the sponsor-, while Beccar Varela (Argentina) and Clifford Chance US LLP (USA) assisted Inter-American Investment Corporation, in its capacity as lender and Mandated Lead Arranger; IIC, as agent acting on behalf of the Inter-American Development Bank, as lender; IIC, as agent acting on behalf of the IDB, in its capacity as administrator of the Canadian Climate Fund for the Private Sector in the Americas, as lender; Nederlandse Financierings-Maatschappij Voor Ontwikkelingslanden N.V., in its capacity as lender and Mandated Lead Arranger; and Bank Of China Limited as eligible hedge provider -the lenders-, in the project finance for a total capital amount of up to US$105,185,805 million, for the construction, operation and maintenance of two renewable solar-photovoltaic energy power plants. Tanoira Cassagne Abogados (Argentina) assisted Banco Comafi S.A., in its role as local trustee and onshore collateral agent -the trustee-.
This financing represents an important contribution to the government initiative to include renewable energy sources to the Argentine market, by means of the RenovAR Program. It involves a “project finance” structure, which has not been frequent in Argentina over the past fifteen years, which is expected to be crucial for the financing of renewable energy projects in the coming years.
The loan proceeds will be used to finance the construction, equipment, operation and maintenance of the “Parque Solar Iglesia Guañizuil”, a renewable energy power plant of 80 MW located in Iglesia, in the Argentine province of San Juan.
Legal advisors to the borrower and sponsors
Argentina
Martínez de Hoz & Rueda: partners Pablo Rueda and José Martínez de Hoz (grandson), and associates Sofía Leggiero and Marcos Blanco.
USA
Cleary Gottlieb Steen & Hamilton LLP: Counsel Emilio Minvielle and associates Jessica McBryde, Federico Torassa, Hannah Weichbrodt and Itzell Mendez.
In-house counsel
Kurt Tang, Evan He, Brad Yan and María Gutiérrez Smith.
Legal advisors to the Senior Lenders
Argentina
Beccar Varela: partners Pablo José Torretta and José Carlos Cueva and associates Felipe Videla, Ivana Grossi, Luciana Liefeldt and Gonzalo Viña.
USA
Clifford Chance US LLP: partner Fabricio Longhin and associates Jessica Springsteen, Alan Sakar Azuara and Patricio Abal.
In-house counsel
Katherine Scheider Hallahan (for IDB and IDB Invest) and Sasha Theroux (for FMO).
Legal advisors to the trustee and the collateral agent
Argentina
Tanoira Cassagne Abogados: partner Alexia Rosenthal and associate Ignacio Criado Díaz.
In-house counsel
Carmen Marcela Nosetti.
