White & Case Advises on Private Placement for Solar Projects in Chile

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Global law firm White & Case LLP has advised Atlas Renewable Energy, as sponsor in connection with its US$253 million issuance of notes in the form of a private placement under Section 4(a)(2) and Regulation D of the Securities Act of 1933. The innovative transaction is the largest solar PV green private placement in Latin America to date. DNB Markets acted as sole lead placement agent.

The proceeds of the notes are expected to be used to (i) develop and construct a 244 Mega Watt Peak (MWp) solar project and (ii) refinance an existing 70 MWp solar project, both of which are located in Chile. Both projects will sell power under bilateral power purchase agreements with private offtakers in Chile, a growing trend across a number of jurisdictions in Latin America. The financing structure includes a number of unique features (including cross-collateralization of assets and revenues) that seek to optimize the value of the collateral and provide flexibility to the sponsor during construction of the larger of the two projects.

The White & Case team that advised on the transaction was led by partner Thomas Pate in New York and associates Gretel Martinez and Chris Bergan in Miami. Partner Bibiana Jaimes and  counsel Martin Olsson also played key roles in the transaction.

Shearman hires Allen & Overy partner for São Paulo office

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A New York-based capital markets partner has left Allen & Overy LLP for Shearman & Sterling LLP’s São Paulo office as demand for Brazilian transactional work heats up.

Shearman hires Allen & Overy partner for São Paulo office David Flechner

Shearman announced the hire of David Flechner, 40, yesterday, taking the São Paulo office’s total partner count to two. He has almost 15 years’ experience advising issuers and underwriters on capital markets deals, as well as in financing and corporate governance matters. Flechner focuses predominantly on Brazil, but has also been involved in deals in Argentina and Uruguay.

Bogotá’s first metro gets funding

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Duran & Osorio – Abogados Asociados and Garrigues (Colombia) have helped Empresa Metro de Bogotá obtain a US$1.68 billion loan to fund the first metro line in the Colombian capital of Bogotá.

CHILE

Dentons deepens South American presence with Chilean tie-up

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Dentons has encroached further into South America through a merger with Chilean firm Larrain Rencoret Urzua (LRU).

The latest tie-up comes three months after Dentons became the first global firm to enter Hawaii, following a merger with independent player Alston Hunt Floyd & Ing, which saw it add almost 50 lawyers to the firm’s US platform.

Through the Chilean merger, Dentons will lay down roots in Santiago, where LRU is based, and acquire 33 lawyers. LRU, which is strong in mining and natural resources, and energy and projects, is part of Dentons’ NextLaw global network, which was formed to “improve its global brand”, When formed in 2016, the network encompassed 280 firms in 160 jurisdictions.

Many of the firms that joined the network were already a part of Dentons’ mammoth global referral system that saw the firm refer work to 920 other firms in 2015 and receive more than 500 referrals from other firms around the world.

The merger with LRU builds on Dentons push into Latin America and the Caribbean, after it combined with Dinner Martin in the Cayman Islands and Delany Law in the Eastern Caribbean in March. It currently has 20 other offices in the region; in Brazil, Mexico, Colombia and Peru.

As well as South America, the firm has also been pursuing growth in Africa. In September last year, Dentons launched in Uganda through a tie-up with Kampala Associated Advocates, after Dentons’ newly-appointed Africa CEO Noor Kapdi unveiled the firm’s plans to expand its footprint significantly in the region over the next two years. Nigeria, alongside Mauritius, Southern Africa and Tanzania, were highlighted as key locations for expansion.

2016 saw somewhat of a rush into Chile, as firms keen for rapid Latin American expansion set up shop. DLA Piper launched thanks to a cooperation agreement with local firm Bahamondez Alvarez & Zegers (BAZ), as well as Kennedys, which picked up a 13-strong team from Sateler Depolo Diemoz Abogados. The latter firm had been in an association with Kennedys since 2013. Iberian firm Garrigues also continued its expansion across Latin America, bolting on Chilean firm Avendaño Merino.

Dentons’ other recent merger sprees include combinations with seven law firms in Kenya, Mauritius, Cayman Islands, Barbados, Indonesia and Malaysia and a merger last July with Scottish firm McClay Murray Spens.

The firm now has offices in 74 countries worldwide.