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White & Case Advises Group of Chilean Power Generators on Receivables Purchase and Sale Facility

Global law firm White & Case LLP advised a group of independent power generators in Chile, including Aela Generación, Cerro Dominador, Chungungo, Empresa Eléctrica Carén, GM Holdings and Santiago Solar, in connection with closing a receivables purchase and sale facility. Under the facility, IDB Invest, BNP Paribas and Santander will purchase receivables originated under Chilean Law No. 21,185, which temporarily froze the electricity tariffs that distribution companies charge their customers as a result of economic and social reforms implemented by the Chilean government in late 2019.

The facility, which will provide for purchase and sale of receivables with a face value of approximately US$185 million, took the form of a unique structure that allows the sellers to monetize receivables on an ongoing basis as they accrue.

"We are very proud to have represented an important group of our power clients in Chile on this landmark transaction and are thrilled to have been able to work through some very challenging structural elements and circumstances with our clients, the banks and counsel," said Thomas Pate, lead partner on the transaction.

The White & Case team was led by partners Thomas Pate in New York and Carlos Viana in Miami. Additional team members included associates Gretel Martinez, Maria Vanegas and Helena Buitrago in Miami.

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