Milbank LLP advised Sonnedix, a global solar independent power producer, in connection with the financing for an expected 100 MWp portfolio of approximately 20 solar photovoltaic plants in Chile (known as the Sonnedix PMGD Portfolio). The financing was provided by Natixis.
The Sonnedix PMGD Portfolio consists of solar photovoltaic projects that operate under Chile's Pequeños Medios de Generación Distribuida (known as PMGD), a special regime for distributed generation projects. PMGD projects are entitled to be remunerated for their generation at a regulated stabilized price. The four initial solar PV plants in the Sonnedix PMGD Portfolio have total capacity of 25 MWp. The PMGD regime was created by the Chilean government with the goal of incentivizing greener and more distributed electricity generation in Chile.
The Milbank deal team was led by Global Project, Energy & Infrastructure Finance partner Carolina Walther-Meade with associates Steven Saracco and Victoria Xie.
Ms. Walther-Meade said, "We are thrilled to have advised Sonnedix on this PMGD financing, which contributes to Chile's strong commitment to develop renewables projects as part of their energy infrastructure."
Dan Bartfeld, head of Milbank's Global Project, Energy and Infrastructure Finance Group, added: "Milbank is extremely active in the Latin America renewable energy space and we are very pleased to support Sonnedix on this successful transaction, contributing to the expansion of their presence in Chile. This is the seventh PMGD portfolio financing that we have had the lead role on, and we expect this segment of the market to remain quite active over the coming months."
In recent months, Milbank has advised on significant renewable energy transactions across Latin America, including a wide range of solar and wind projects in Chile, Mexico, Colombia, Peru and Brazil. These transactions include M&A portfolios (buy-side and sell-side), as well as US private placements, capital markets (144A), commercial bank and direct lender transactions.
Originally published June 17, 2020.
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