White & Case Advises on "Latin America Renewables Project Finance Deal of the Year"
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Power Finance & Risk (PFR) has named a transaction on which White & Case advised its "Latin America Renewables Project Finance Deal of the Year" at its 15th Annual Deals and Firms of the Year Awards.
In the winning deal, White & Case represented Invenergy LLC (as sponsor) and Nicefield S.A. (as borrower) on the refinancing of the existing bank financing of Nicefield's 70 MW wind farm project in Campo Palomas, Uruguay. The refinancing consisted of an A loan of approximately US$4.4 million to be provided by Inter-American Investment Corp. (IIC) to Nicefield for IIC's own account, and a B loan of approximately US$136 million to be provided by IIC to Nicefield on behalf of an orphan SPV issuer through a participation agreement funded through the issuance of notes offered and sold in the United States through a private placement, with DNB acting as placement agent. The complex transaction structure was the first of its kind in Uruguay and the second of its kind ever with IIC.
"Our client Invenergy's motto is innovation in energy—it was a true privilege to support them on this groundbreaking transaction for the Latin America renewables market," says the White & Case team leader, partner Carlos Viana (Miami). "We have since closed another deal following the same financing structure, and are currently working on a third one."