White & Case advises Toesca Asset Management on US$325 million financing for its T Power renewable energy platform in Chile

Global law firm White & Case LLP has advised T Power SpA, as borrower, T Power Holding SpA, as shareholder, Toesca Infraestructura II Fondo de Inversión, as sponsor, and the project-level subsidiaries, as subsidiary guarantors, on a US$325 million project financing for a greenfield 141 MW/677 MWh battery energy storage system and the associated refinancing of a co-located utility-scale PV solar project with an approximate capacity of 141 MWs and a portfolio of 18 PMGD small-scale solar projects totaling 121.1 MWp in Chile.

The debt financing package is structured on Green Loan Principles comprising a US$239.5 million term loan, a US$35 million liquidity facility and an up to US$50 million letter-of-credit facility, representing one of the largest utility-scale solar and battery projects to be financed in Chile this year.

The White & Case team was led by Project Development and Finance partners Martin Menski (Washington, DC) and Carlos Viana (Miami), and included counsel Ana Arias (Miami) and associates Chris Bergan (Mexico City), Andre Felipe Salles Cristofaro (Washington, DC) and Mae Espinosa (Miami); Capital Markets partner Ian Cuillerier and associate Zhou Bo (Joseph) Chen (both in New York); Employment, Compensation & Benefits counsel Heidi Schmid (New York); Tax partner Chad McCormick and associate Jessica Snowy Chen (both in Houston); Trade partner Nicole Erb and associates Dara Brown and Tim Sensenig (all in Washington, DC); and White Collar counsel Marietou Diouf (New York). Law clerks Raquel Szomstein and Flannery Sockwell and Latin America fellow Reginaldo Sorrenti (all in Washington, DC) also assisted on the matter.

The transaction was also led by Toesca's in-house counsel, Francisca Ellis.

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