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.