Mainstream restructures loan for Chile renewable power plant portfolio
Publicado em 24/11/2023
Mainstream Renewable Power (MRP) has completed the financial restructuring of its portfolios of 10 non-conventional renewable energy generation projects in Chile.
The restructuring is part of the Chilean reorganization processes initiated by Cóndor Energía and Huemul Energía, and under the Chapter 11 insolvency process initiated in the United States against certain affiliates of MRP by one of its creditors.
The financing totals $1.6 billion.
Mainstream was advised on the restructuring by Chilean law firm Carey.
“This advice was a continuance of the services rendered by Carey to MRP that derived in the initiation of the reorganization processes,” Carey said.
“The transaction involved the termination of VAT financings and related security documents governed by Chilean law, the amendment of a series of documents related to the project financings, the amendment and negotiation of new agreements under the Mezzanine financing and the implementation and execution of several activities and agreements in fulfilment of the provisions set forth in the Chilean reorganization plans and Chapter 11 process, all governed by either Chilean law or New York law,” the firm added.
Mainstream is one of the largest non-conventional renewable energy generation companies in Chile and this transaction took place as part of the implementation of an ambitious reorganization plan of all of its assets and financings in the country, and which required of a permanent coordination among different actors and advisors in several jurisdictions.
This restructuring will allow Mainstream to overcome the complex scenario this industry is currently facing, and continue developing and operating its projects, in line with the national energy matrix decarbonization policy.
Carey’s team advising Mainstream comprised partners Felipe Moro and Julio Recordon, with associates Carmenmaría Poblete, Ignacio Alfaro, Diego Lasagna, Constanza Rivera, José Luis Enberg, Felipe Reyes, María Paz Arteaga, Tomás Águila and Magdalena Menchaca.
Mainstream was advised in Spain by Cuatrecasas.
Law firm Paul Hastings acted as New York counsel to the project finance lenders, and law firm Morales & Besa acted as local counsel to the project finance lenders.