Chile’s GPE restructures $45 million loan from Banco BICE
Chilean electricity company Gestión de Proyectos Eléctricos (GPE) has restructured and refinanced a $45 million loan granted by Banco BICE, a private investment and foreign trade bank.
The company used the loan for the development of five hydroelectric power plants of the seven in total that it operates in the country, totaling approximately 65MW of installed generation capacity.
GPE closed the financing, refinancing and restructuring of credits granted by Banco BICE in an operation described by law firm Honorato Delaveau, which advised the company on the process, as “unique and very challenging because it involved the parallel renegotiation and restructuring of the debt of five different companies, all with project finance and guarantees for the entire project, in just two weeks”.
The operation also implied the prepayment of the existing financing of state-owned company CORFO and the contracting of derivatives to set the rates of the loan.
GPE is a privately-owned company that specializes in the development of non-conventional renewable energy power plants.
Founded in 1979, Banco BICE is a private bank that offers products and services relating to corporate banking, asset management, treasury, wealth management, investment banking, financial intermediation, and retail banking to corporations, institutional investors, individuals and SMEs.
The bank also specializes in funding non-conventional electric power projects.
Honorato Delaveau’s team advising GPE was led by partner Matías Langevin, with senior associate Carolina Veas, and associates Antonia Silva and Isidora Rencoret.
Banco BICE was advised by law firm Carey, with a team led by partner Felipe Moro, who was assisted by associates Paluska Solar and Kriss Andía.
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