Holland & Knight Represents Banco Santander Chile in Energy Project Financing
NEW YORK (July 27, 2018) – Holland & Knight advised Banco Santander Chile in connection with the VAT credit facility provided in connection with the financing of the design, construction and operation of five new backup power generation plants in Chile by Prime Energía Quickstart SpA, a subsidiary of Glenfarne Group, LLC. The transaction closed on July 26.
The financing was structured in the form of a US$700 million syndicated senior loan facility led by Sumitomo Mitsui Banking Corporation and Natixis, and a VAT facility granted by Banco Santander Chile in the amount of $8.95 billion Chilean pesos (approximately US$14 million).
Glenfarne is a U.S.-based developer, operator and manager of energy and infrastructure assets, which manages diverse energy and infrastructure projects in Latin America. Its Chilean subsidiary, Prime Energía Quickstart SpA, has 220MW of backup power generation plants in Chile currently in operation. This financing will provide for an additional 480MW in greenfield backup power projects, supporting the continued growth and development of renewable energy in Chile.
Holland & Knight Partner Norberto E. Quintana, Senior Counsel Lara Ríos and visiting Foreign Attorney Susana Raventós Chaves advised Banco Santander Chile.