A&O Shearman acted as legal counsel to seven commercial bank lenders, hedge providers, and the intercreditor and administrative agents on the refinancing of Sonnedix's complete portfolio of operating renewable and storage assets in Chile. The financing amounts to USD1.3bn, comprising a term loan facility, a revolving credit facility, and a guarantee and LC facility.
The financing is the first of its kind in Latin America. It is also designed to enable growth of the Sonnedix Chilean portfolio giving the company a repeatable funding framework for future expansion.
Sonnedix is a global renewable energy company with a total portfolio capacity of nearly 12GW, delivering clean electricity through a diversified portfolio of solar, wind, and storage assets.
“We are thrilled to have guided the lenders through one of the most complex renewable energy financings we've seen in Latin America. The parties took a structure proven in European infrastructure markets and rebuilt it for a different legal and commercial landscape, consolidating seven legacy project financings into one portfolio. Transactions like this demonstrate that A&O Shearman thrives at the intersection of complex cross-border work, deep market knowledge, and execution discipline.”
The A&O Shearman team was led by New York-based Energy, Natural Resources and Infrastructure partners Robert O'Leary and Dorina Yessios, with key support from London-based partner Jocelyn Land and New York-based associates Pedro de Elizalde, Aigul Gaisin, Lucas Volfneuk, Vicky Cheng, and Ana Gabriela Martinez Kruyff. Partner Augusto Ruiloba and associate Jamie Hernandez Palacios represented the existing lenders. Partner Geoff Goldman and associates Alessandro Storchi and Robert Debenedetti represented the hedge banks. Partner Denise Grant and associate Kaja Niewiarowska represented the intercreditor agent and administrative agent. Partner Paula Anderson provided support on sanctions, AML, and ACL matters, and partner Lorenz Haselberger and associate Edgardo Martinez Gatelum provided support on tax matters.