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PROJECT FINANCE

Using a multidisciplinary approach to project finance, we integrate the diverse capabilities of our multiple areas of practice to meet the specific requirements of our clients. Our firm has represented a wide range of lenders – such as commercial banks, development banks, and investment funds – as well as debtors from different sectors, agents and trustees. We have extensive experience in different industries, including oil and gas, energy (wind, solar, hydroelectric and thermic), and transport (highways, railways, airports and seaports).

We actively participate in every stage of the infrastructure project with a “one-stop shop” approach. Our work encompasses the bankability analysis of the project contracts, the elaboration of risk matrixes and their mitigation factors, the due diligence of the entities involved, designing contractual structures and the security packages.   Our multidisciplinary approach enables a comprehensive evaluation of projects to be financed throughout all phases, including the pre-operating stage, commissioning, operation and maintenance, including in such evaluation an analysis of environmental, social, tax, regulatory and permitting matters, in addition to those related to easement negotiations and land, acquisition processes, among others.

The firms’ experience includes different structures, such as concessions (self-sustainable and co-financed), public-private partnership schemes (PPP) and bilateral contracts with public and private entities, including different retribution mechanisms such as payments for work progress (PAO), payments for operation and maintenance (PAMO) and similar structures.

A SAMPLE OF OUR EXPERIENCE

  • Advised BBVA Banco Continental as lender in connection with the financing granted to Aeropuertos del Perú S.A. to fund investments under the Concession Agreement for the First Group of Provincial Airports, composed of a revolving credit facility and a medium term loan for a total amount of up to USD 30.4 million.
  • Advised Banco Santander S.A. and Corporación Andina de Fomento (CAF) in the financing for USD 183 million in favor of Terminal Portuario Paracas S.A. for the design, financing, construction, and exploitation of the “Puerto General San Martín” Port Terminal, located in Pisco, Peru. Also advised Cofide who acquired a participation in the financing through a Participation Agreement.
  • Advised the arrangers, lenders and purchasers (including Citigroup, Morgan Stanley, Merrill Lynch and Cassa Depositi e Prestiti) in the structuring and granting of credit facilities for the construction of the underground railway Project Line 2 of the Lima and Callao Metro (Peru’s first underground metro), for approximately USD 2 billion.
  • Advised American General Life Insurance Company (AIG), Athene Annuity and Life Company (Apollo Investments) and Corporación Financiera de Desarrollo S.A. (Cofide), acting as "Purchasers" of the "5.88% Senior Secured Notes" privately issued by Genrent del Perú S.A.C. for the amount of USD 106'500,000, in order to refinance the project "Energy Supply for Iquitos", which supplies the isolated Amazonian city of Iquitos (Peru) through a 79MW thermoelectric power plant.
  • Advised Sumitomo Mitsui Banking Corporation (NY) as arranger and lender in connection with the financing granted to Latin America Power to refinance six hydroelectric plants in central Peru, for a total amount of USD 126 million.
  • Advised Inkia Energy in the refinancing of the Samay 708 MW cold reserve power plant located in southern Peru, for USD 330 million.
  • Advised Abengoa Transmisión Sur in connection with the financing for the construction of a 916km transmission line by HSBC Securities (USA), BNP Securities, BNP Paribas, HSBC Bank (Panamá), Société Générale, Crédit Agricole Corporate and Investment Bank, the Bank of Tokyo – Mitsubishi UFJ New York Branch, DNB Bank Grand Cayman Branch, ING Capital, West LB, New York Branch and Banco Internacional del Perú. The financing amount was USD 345 million.
  • Advised Petróleos del Perú S.A. – Petroperú, the Peruvian State-owned oil company, in the development, negotiation of contracts and financing of the new oil refinery in Talara, Perú, for an approximate investment of USD 5.4 billion. This transaction included an international bond issuance for USD 2 billion.
  • Advised a syndicate of Chinese banks led by China Development Bank in the financing of the acquisition and development of the Las Bambas copper mining project for approximately USD 8 billion, considered the largest Project finance transaction in Peru’s history.

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