White & Case advises Akuo PMGD Holding SpA in limited recourse project financing for portfolio of greenfield solar photovolatic projects in Chile
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Global law firm White & Case LLP has advised Akuo PMGD Holding SpA in a limited recourse project financing for a portfolio of greenfield solar photovoltaic projects in Chile.
The transaction consists of the development and construction of a portfolio of nine projects under Chile's PMGD (Pequeños Medios de Generación Distribuida) regime, which incentivizes distributed energy projects and enables certain renewable projects to sell energy under a stabilized price. Loan proceeds will be used for the construction, development and operation of the projects. The facility also consisted of a term loan with an accordion feature permitting the borrower to request additional senior debt after closing and a letter of credit facility to satisfy debt service obligations.
Akuo, based in Paris, is an independent global renewable energy producer and developer. The company is involved in all phases of the project development, financing, construction and operation of renewable assets, and has a presence in 15 countries around the world.
The White & Case team was led partner Thomas Pate (New York), and also included partner Carlos Viana (Miami), associate Chris Bergan (Mexico City), international law clerk Ángeles Femenía (New York), law clerk Ijeoma Oti (New York) and associate Joselyn Gonzalez-Castillo (Miami).
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