White & Case Advises Sonnedix on Non-Recourse Project Financing for Greenfield and Operating Solar Photovoltaic Projects in Chile
1 min read
Global law firm White & Case LLP has advised Sonnedix on a non-recourse mini-perm project financing for a portfolio of greenfield and operating solar photovoltaic projects in Chile. The projects qualify for Chile's PMGD (Pequeños Medios de Generación Distribuida) regime, which enables renewable projects with an installed capacity of 9 MWs or less to sell energy to the system under a stabilized price tariff.
The White & Case team assisted Sonnedix on all aspects of the transaction, including certain interest rate swaps. The financing will benefit from a number of important features including the ability to increase the available debt commitments, divest projects and replace projects.
Sonnedix is a global solar independent power producer (IPP) with operations in ten countries.
The White & Case team was led by partners Thomas Pate (New York) and Martin Menski (Washington, DC) and associates Chris Bergan (Miami), Ángeles Femenía and Aida Fernandez Laez (both in Mexico City). The team also had support from partners Jeannine Acevedo (Miami), Ian Cuillerier (New York) and counsel Rhys Bortignon (New York) advising on the hedging documentation.
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