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Energy and Infrastructure Projects transactions


We represented Allianz Capital Partners, The Bank of Nova Scotia, Scotiabank Inverlat, BNP Paribas and Crédit Agricole, in Contour Global's refinancing of a portfolio of two cogeneration plants located in Cosoleacaque, Veracruz, and Altamira, Tamaulipas, Mexico with an aggregate capacity of 518 MW. The refinancing was provided through the issuance of USD$252 million in private placement notes and a bank financing of USD$273 million in bank financing, for a total amount USD$525 million.

CLIENT:

Allianz Capital Partners
The Bank of Nova Scotia
BNP Paribas and Crédit Agricole

PRACTICE AREA:

Energy and Infrastructure Projects

CLOSING DATE:

August 2024

VALUE:

USD$525 million

OTHER FIRMS:

A&O Shearman New York - Counsel to lenders and investors; STBLaw - Counsel to Borrower; KLGates -Counsel to Wilmington as agent; and Galicia Abogados - Local counsel to Borrower.

Abajo Arriba

We represented Banco Santander and BBVA in a MXN$1,600 million pesos letter of credit facility granted to Organización de Proyectos de Infraestructura (OPI). The letters of credit issued under this facility guarantee the debt service reserve account of the financing granted to Conmex, a subsidiary of OPI, in respect of the Circuito Exterior Mexiquense road concession.

CLIENT:

Banco Santander México and BBVA

PRACTICE AREA:

Banking and Finance

Energy and Infrastructure Projects

CLOSING DATE:

June 2024

VALUE:

ND

Abajo Arriba

We represented Arroyo, an independent investment manager focused on power and energy infrastructure assets in North America and Chile, in connection with its groundbreaking sale to FibraE of its controlling interest in Pemcorp (a 142 MW gas-fired power generation facility) and transfer of the related international project financing. Also assisted Arroyo in obtaining merger control approval from COFECE to complete the sale.

CLIENT:

Arroyo Energy Group

PRACTICE AREA:

Competition and Antitrust

Energy and Infrastructure Projects

Mergers and Acquisitions

CLOSING DATE:

April 2024

VALUE:

ND

Abajo Arriba

We represented Gramercy Management Group, in a USD$45 million credit facility to Emerging America Inmobiliaria (EMAI), a 110.9MW gas-fired generation plant, and Emerging America Financiera (EMAF), both affiliates of EMPower. The use of proceeds is the refinancing of EMAI's current project financing and EMAF's acquisition of 73% of EMAI's capital stock.

CLIENT:

Gramercy

PRACTICE AREA:

Banking and Finance

Energy and Infrastructure Projects

CLOSING DATE:

April 2024

VALUE:

USD$45 million

Abajo Arriba

We represented MNJ Capital, in a secured credit facility of up to USD$500 million, to fund a portion of MNJ Capital’s structured on-lending program for entities in the energy businesses in Mexico.

CLIENT:

MNJ Capital

PRACTICE AREA:

Banking and Finance

Energy and Infrastructure Projects

CLOSING DATE:

March 2024

VALUE:

USD$500 million

PROFESSIONALS:

Marcelle Cohen Shehoah

OTHER FIRMS:

Milbank - NY advisor to Enerlending Mayer Brown NY and Mayer Brown Mexico - NY and Mexico advisors to Nomura Greenberg Traurig - Mexico advisors to Gramercy Gibson Dunn - NY advisors to Gramercy

Abajo Arriba

We represented a special purpose acquisition trust managed by Mexico Infrastructure Partners, in the acquisition and secured financing to fund the USD$6.2 billion acquisition of 12 combined-cycle power generation facilities and 1 wind power generation facility with a total installed capacity of 8.5 GW, which were part of the generation portfolio of Iberdrola in Mexico. Also represented Mexico Infrastructure Partners in the structuring and establishment of the acquisition trust and corresponding equity vehicle through a public offer of Series A-1 and Series A-2 certificados bursátiles fiduciarios de desarrollo (CKDs) that were subscribed and paid by the Mexican National Infrastructure Fund (Fondo Nacional de Infraestructura).

CLIENT:

Mexico Infrastructure Partners

PRACTICE AREA:

Energy and Infrastructure Projects

Mergers and Acquisitions

Capital Markets

CLOSING DATE:

February 2024

VALUE:

USD$6,200 million

OTHER FIRMS:

Greenberg Traurig México, Co-Counsel to MIP Cleary Gottlieb Steen & Hamilton LLP, Co-Counsel to MIP White & Case, Counsel to Banobras and FONADIN Milbank, Counsel to Barclays, BBVA Mexico, Santander Mexico, NAFIN and Bancomext Galicia Abogados, Counsel to Barclays, BBVA Mexico, Santander Mexico, NAFIN and Bancomext Mijares, Angoitia, Cortés y Fuentes, Counsel to Citibanamex Holland & Knight, Counsel to UMB Bank

Abajo Arriba

We represented Concesionaria AT-AT, in the restructuring of its senior secured loan granted by Banco Santander, Banco Inbursa and Banobras in September 2017, to increase the maximum principal amount from MXN$5,310 million to MXN$7,200 million for the continuity of the development and construction of the highway known as "Atizapán-Atlacomulco", and in a MXN$2,214 million secured VAT loan to finance the VAT associated with the costs of such highway. 

CLIENT:

Concesionaria AT-AT

PRACTICE AREA:

Energy and Infrastructure Projects

CLOSING DATE:

February 2024

VALUE:

MXN$7,200 million

OTHER FIRMS:

Nader, Hayaux y Goebel, como asesores legales externos de los acreditantes

Abajo Arriba

We represented the lenders, including Sumitomo Mitsui Banking Corporation as lead arranger and lender, in a USD$235 million syndicated loan to MIP Cinco Gas, for the refinancing of the Morelos Gas Pipeline

CLIENT:

Sumitomo Mitsui Banking Corporation (SMBC)

PRACTICE AREA:

Energy and Infrastructure Projects

CLOSING DATE:

December 2023

VALUE:

USD$235 million

OTHER FIRMS:

Milbank LLP (USA co-counsel) Cuatrecasas (counsel to borrowers) Vinson & Elkins LLP (USA co-counsel to Cuatrecasas)

Abajo Arriba

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