Chile: Sojitz Corporation Gets Financing For Solar Plant Project

Last Updated: 14 August 2017
Article by Originally published by Latin Lawyer
Most Read Contributor in Chile, August 2017

Gibson, Dunn & Crutcher LLP in New York and Chilean firm Carey have helped a consortium led by Japanese trading company Sojitz Corporation obtain financing for a solar project in northern Chile.

Sumitomo Mitsui Banking Corporation, Mizuho Bank and the Iyo Bank were lenders and enlisted four offices of White & Case LLP and Chilean firm Barros & Errázuriz Abogados, which also advised Banco BICE as lender of a VAT facility agreement.

The financing closed on 22 June with no value disclosed.

Sojitz has a 60% stake in the 98-megawatt Huatacondo project, which is located in the northern Tarapacá region. Its partners, Japanese utilities provider Shikoku and French constructor Eiffage, hold 30% and 10% stakes respectively.

The consortium's acquisition of the plant closed on 14 June, and enlisted the same firms. Oppenhoff & Partner in Cologne advised AustrianSolar Chile as sellers on the engineering, procurement, and construction (EPC) and operation and maintenance (O&M) contracts, while Bofill Mir & Álvarez Jana advised AustrianSolar on regulatory issues.

Commercial operations on the plant are expected to begin in August 2018. The electricity produced will be sold on the Chilean wholesale market.

For the project financing

Counsel to the consortium

In-house counsel – Arthur Calzontzi

Gibson, Dunn & Crutcher LLP

Partner Nick Politan, of counsel Jessica Basil and associates Nicole Kim and Candis Davis
in New York


Partner Felipe Moro and associates Fernando Noriega, Patricia Montt, Diego Lasagna, Valentina Vizcay, José Tomás Hurley, Arturo Poblete, Francisco Urcelay and Valentina Mendozain Santiago

Counsel to Sumitomo Mitsui Banking Corporation, Mizuho Bank and Iyo Bank

White & Case LLP

Partner Carlos Viana and associates Thomas Pate, Sean Williams, Adrian Leal and Benjamin Novoa in Miami; partner Ian Cuillerier and associates Elizabeth Martinez, Ray Simon, Shea Thompson, John Donaleski, Julia Bell and Alexandra Arizmendi in New York; partner Paule Biensan and associate Marianna Sédéfian in Paris; and partner Toshio Dokei and associate Shusuke Fukunaga in Tokyo

Barros & Errázuriz

Partner Francisco de la Barra and associates Cristóbal Pellegrini, Enrique Barros, Pedro Pablo Ballivian, Mara Angelini, Camila May, María de los Ángeles Purcell, Valentina Villalobos, Francisca Ellis, Jean Petit and Martin Vial in Santiago

Counsel to BICE

Barros & Errázuriz

Partner Francisco de la Barra and associates Cristóbal Pellegrini, Enrique Barros, Pedro Pablo Ballivian, Mara Angelini, Camila May, María de los Ángeles Purcell, Valentina Villalobos, Francisca Ellis, Jean Petit and Martin Vial in Santiago

For the consortium's acquisition 

Counsel to the consortium

In-house counsel – Arthur Calzontzi

Gibson, Dunn & Crutcher LLP

Of counsel Jessica Basil in New York


Partner Juan Francisco Mackenna and associates José Tomás Hurley, Arturo Poblete, Francisco Urcelay and Valentina Mendoza in Santiago

Counsel to AustrianSolar Chile

Oppenhoff & Partner

Chilean attorney Edder Cifuentes, and partners Alf Baars, Peter Etzbach and Christof Gaudig in Cologne

Bofill Mir & Álvarez Jana Abogados

Partners Octavio Bofill and Guillermo de la Jara in Santiago

There has been a notable increase in foreign interest in the Chile's photovoltaic sector, following the government's announcement in 2015 that it planned to source 70% of its power needs from renewables by 2050.

4 July, 2017 by Emilio Demetriou-Jones

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