Milbank, Tweed, Hadley & McCloy LLP advised EIG Global Energy Partners and its subsidiary Cerro Dominador in connection with the financing of a 110 MW concentrated solar thermal power plant (the CSP project) and 100 MW photovoltaic solar power plant (the PV project) in the Antofagasta region in Chile.
Abengoa and Acciona Industrial formed the EPC consortium for the CSP project while Abengoa constructed and is operating the PV project. The CSP project’s 10,600 heliostats and the PV project’s 392,000 solar panels will cover 1,000 hectares and will prevent the emission of approximately 870,000 tons of CO2 annually, combined.
The lenders for the financing include: Natixis, New York Branch, Banco Santander, S.A., Deutsche Bank Securities Inc., Deutsche Bank AG, New York Branch, Deutsche Bank AG, London Branch, Société Générale, ABN AMRO Bank N.V., Commerzbank AG, New York Branch, and Banco BTG Pactual S.A., Cayman Branch.
The New York-based Milbank team was led by Project, Energy and Infrastructure Finance partner Carolina Walther-Meade, with associates Timothy Fitzpatrick, Carolyn Miller and Katherine Hannah. Corporate partner Brett Goldblatt also contributed from Milbank’s Los Angeles office, as well as London-based Corporate associates Sarah Ullathorne and Stephen McNeill.
Ms. Walther-Meade said: “We are thrilled to have worked with EIG on the financing for the first concentrated solar plant in Latin America. The project is part of Chile’s renewable energy development program, which hopes to supply 20% of its energy demand with renewables by 2025. While Milbank prides itself on financing complex energy projects, we are especially proud when our work contributes to the sustainability of our planet and a national initiative.”