The New York office of White & Case LLP and Chilean firm
Carey have helped SunPower agree US$222 million worth of financing
for a solar plant in northern Chile.
Chadbourne & Parke LLP's New York office and Chile's
Morales & Besa advised a syndicate of banks including
Crédit Agricole, the Bank of Tokyo-Mitsubishi UFJ, Sumitomo
Mitsui Banking Corporation and Korea Development Bank. They agreed
to a long-term loan worth US$200 million. Banco de Crédito
de Inversiones (BCI) funded the project's value added tax with
a US$22 million loan.
BCI also entered a credit agreement with the solar plant's
owner, Total SunPower El Pelícano, under which it
issued bank guarantees for the project.
The deal closed on 8 July. The 100 megawatt El Pelicano solar
plant is located in Chile's Coquimbo region. Once built, it
will supply power to Santiago's underground railway network,
Metro de Santiago. SunPower has already signed a power
purchase agreement with Metro.
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Panama is one of the fastest growing and most dynamic economy in Latin America, with GDP growth of 6.0 percent in 2015 and estimated 6.3 percent in 2016. All of this growth has become a challenge for the energy sector by demanding more electricity and new energy sources.
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