The international law firm Milbank, Tweed, Hadley & McCloy LLP, led by Global Project Finance partner Dan Bartfeld, represented BBVA, Banco Espírito Santo de Angola, Crédit Agricole and WestLB in the financing of two 40 MW run-of-the-river hydroelectric power plants to be owned and operated by Chilean renewable power firm HydroChile. The power generated from the projects will be sold in part to Chilean utilities AES Gener and Chilectra under long-term power purchase agreements.“The successful financing of these plants demonstrates the continued strength of the renewable energy sector to attract new capital,” commented Mr. Bartfeld. He further noted that “These projects show that well-structured projects continue to attract capital from the leading project finance banks — a trend we expect to continue in 2011.”
HydroChile, established in 2006 and backed by funds managed by Eton Park Capital Management, a New York-based investment firm, was established to develop and operate numerous run-of-the-river hydroelectric power plants in Chile, typically in the capacity range of 10 to 50 MW. The company is currently in the development phase with multiple other projects.
Additional Milbank attorneys involved in this transaction include New York-based Global Project Finance associates Candice Ota and Ariella Feldman.
