Global law firm White & Case LLP has advised Tealov, S.R.L., a subsidiary of Invenergy LLC, in an innovative project financing for the construction, ownership and lease of the Cardal transmission line in Uruguay (the Project). The White & Case team advised on various aspects of the transaction, including all NY and international aspects of the finance work and project development work in connection with the negotiations of the engineering, procurement and construction contract for the Project.
The financing has a unique B-bond structure, comprising senior loans provided by the Inter-American Investment Corporation and the sale of securities to select investors by means of a US private placement. Unlike previous B-bond financings structured by the Inter-American Investment Corporation, which were used to refinance existing construction loans, the privately placed B-bonds for the Project will fund a portion of the construction costs during the Project's construction phase in various disbursements over time. Once operational, the Project will consist of 55 kilometers of new 500 kV high-voltage transmission line, 20 kilometers of new 150 kV transmission line, a new 500 kV substation, and accompanying infrastructure. The new transmission line will connect to the Punta del Tigre substation and a 150 kV high-voltage line in Salto.
The White & Case team that advised on the transaction was led by partner Carlos Viana and associates Ana Arias, Chris Bergan, Maria Vanegas and Camille Mendoza Soto in Miami, with support from partner Jeannine Acevedo in Miami, and partner John Vetterli and associate Raffaele Turco in New York.
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