White & Case advised on two transactions that won three 2019 Bonds & Loans Latin America Deals of the Year awards.
The awards recognize "outstanding deals from across Latin American credit markets in 2017/18," according to GFC Media Group, organizer of the awards. "The recognition of industry excellence is determined initially by Bonds & Loans editors based on an exhaustive selection process involving examination of case studies, in-depth feedback and discussions with market participants."
The winning deals on which White & Case advised were:
Latin America: Structured Bond Deal of the Year (Atlas)
White & Case advised Atlas Renewable Energy on its US$114.4 million, long-term financing for two solar power projects in Uruguay. The two projects use 238,720 solar panel modules with an installed capacity of 75.8MWp. Atlas estimates the plants will remove 55,500 tons of carbon dioxide emissions annually and power close to 50,000 homes. The financing on which the White & Case team worked took the form of a fairly unique structure involving senior and subordinated long-term loans provided by the Inter-American Investment Corp., as well as the US sale of securities to select investors, or a US private placement.
Latin America: Project Finance Deal of Year and Brazil: Project Finance Deal of Year
White & Case advised Goldman Sachs & Co. LLC, Inter-American Investment Corp., International Finance Corp. and Swiss Export Risk Insurance on the structuring of the financing for the design, construction and operation of Centrais Elétricas de Sergipe S.A.’s1,516 MW thermoelectric power plant and related liquefied natural gas (LNG) receiving and gas transportation infrastructure in Brazil. At approximately BRL 5 billion (US$1.8 billion), it was the largest LNG-to-power financing in Latin America to date. The transaction was also recently honored with a 2018 PFI Award.