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January 23, 2015

IC Power obtains US$300 million funding for thermal plant

Miranda & Amado Abogados has advised Samay, a subsidiary of Israeli generation company IC Power, in obtaining a US$300 million funding for a cold reserve power plant in Mollendo, Arequipa, from three banks: Sumitomo Mitsui Banking Corporation, HSBC and Bank of Tokyo-Mitsubishi.

The loan will be used to fund three construction projects at the 600 MW plant, which is expected to start producing power next year. The whole project’s construction cost is expected to be around US$400 million.

IC power was advised by partner Luis Marcelo De Bernardis and associates Gabriela Dañino and José Villafuerte from Miranda & Amado Abogados; with co-counseling from the New York office of Morrison & Foerster LLP and Bermudian firm Appleby.

The deal closed on December 29th, 2014.