Raffaele Montenero Turco
Raffaele is an associate in the Energy, Infrastructure, Project and Asset Finance Practice qualified to practice in New York, with experience in the financing, development and management of domestic and international power, energy and infrastructure-related projects, with a focus on Latin America. He has particular experience in the drafting, negotiation and enforcement of project documents for energy and infrastructure projects with a focus on construction contracts.
Successful representation of ACS Infrastructure Development, Balfour Beatty Investments, Fluor Corporation and Hochtief PPP Solutions in their bid for and financial close of the Automated People Mover project of the LAX Landside Access Modernization Program. The project involves six rail stations connecting new rental car, airport parking and Metro facilities to the airline terminals, as well as three stations in the Central Terminal Area. The financing consisted of a combined bank bond structure with $1.2 billion of private activity bonds, which were rated investment grade by Fitch combined with a $270 million, five-year construction facility provided by commercial banks.
Representation of Banco de Chile, Banco del Estado de Chile, Banco de Crédito e Inversiones, Banco Santander-Chile, Instituto de Crédito Oficial, KfW IPEX-Bank GmbH, Mizuho Bank, Ltd., Sumitomo Mitsui Banking Corporation and The Bank of Tokyo-Mitsubishi UFJ, Ltd., as senior lenders, and The Prudential Insurance Company of America, as fixed rate note purchaser, in the long-term project financing for Transmisora Eléctrica del Norte S.A.'s development of a 600 km electricity transmission line and related substations connecting the Sistema Interconectado Central (SIC) and the Sistema Interconectado del Norte Grande (SING) of Chile, which will unify most of the country’s power grid. The US$822 million financing consisted of Dollar and Chilean Peso senior loan facilities and a private placement under New York law, and a value added tax facility under Chilean law.
Representation of CAF, EKF, FMO and SMBC in connection with the portfolio financing of the Villalonga and Chubut Norte wind farms and related facilities being developed by Genneia S.A. in Argentina. The financing includes an EKF-guaranteed tranche of commercial debt and separate uncovered loan facilities. The transaction was the first portfolio financing under New York law of projects supported by RenovAr PPAs as well as FMO’s first renewable power investment for a local Argentine company implementing the project.
Representation of IC Power DR Operations S.A.S., operating as a subsidiary of Inkia Energy Ltd., in the preparation and negotiation of the EPC and O&M agreements for the Agua Clara Wind Farm with a capacity of 50MW in the Dominican Republic.
Representation of Osaka Gas Co., Ltd. (TYO: 9532), a major gas and energy service provider that accounts for approximately 25% of the entire natural gas market in Japan, in the acquisition by its U.S.-based subsidiary of a 20% equity interest in CPV Shore Holdings, LLC, which owns and operates the Woodbridge Energy Center, a 725 megawatt combined-cycle gas-fired power generation facility in Woodbridge Township, New Jersey, that commenced operation in January 2016.
Representation of a consortium of eleven funds managed by Allianz Global Investors Europe GmbH, a privately owned investment manager, in the US$300 million senior secured financing of the acquisition by Globalvia Inversiones S.A.U. of Pocahontas Parkway Operations, LLC from Macquarie CAF Management LLC, Pocahontas Holdings LLC and Meeko LLC. The acquired company holds the concession to operate, manage and toll the Pocahontas Parkway located in Richmond, Virginia (Route 895 Connector) under a Comprehensive Agreement with the Virginia Department of Transportation. The transaction featured a two-step merger and the issuance of 25 and 35-year notes secured by the tollway concession.
Representation of Invenergy Wind LLC and several of its subsidiaries in connection with the acquisition of, and financing for, the 70 MW Campo Palomas Wind Farm in the Salto Department of Uruguay. Our work also involved renegotiating and restructuring various construction, supply and operation and maintenance agreements in parallel with the acquisition and project financing. The project financing—which closed in approximately six weeks, a record-breaking timing for a project of this type that involved agency lenders in Latin America—is being provided by the Inter-American Investment Corporation, the Inter-American Development Bank and DNB Group.
Representation of a confidential client providing mezzanine financing to support the construction in Chile of a photovoltaic solar power project, a combined cycle gas-fired power plant, an LNG regasification terminal, and related pipelines and transmission lines.