Global law firm White & Case LLP has advised IDB Invest and Bancolombia on a senior secured and subordinated financing, the proceeds of which will be used to finance the Bosques Solares de Los Llanos portfolio of solar photovoltaic plants located in Colombia. This financing is groundbreaking, as it represents the first non-recourse financing and first long-term financing for solar PV or wind assets in Colombia.
The portfolio is comprised of three operating solar plants, each with an installed capacity of 27 MWp, and together constituting the largest operational solar PV portfolio in Colombia. Matrix Renewables (Spain) S.L.U. (Matrix Spain) acted as sponsor. Matrix Spain is a renewable energy platform created and backed by global alternative asset manager TPG.
The White & Case team that advised on the transaction was led by partner Sean Goldstein in Miami and included associates Valentina Castillo, Alfredo Hwang and Mihret Woldesemait (Project Development and Finance) in Washington, DC, and associate Pedro Hendel (M&A) in Madrid.
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