Chadbourne & Parke represented a consortium including Macquarie Mexican Infrastructure Fund (“MMIF”) on the development and financing of a 396MW wind farm in the State of Oaxaca, Mexico. This project is the largest single stage wind farm in Latin America.

Concurrently with the financing, Chadbourne also represented Macquarie Capital Advisers (“MacCap”) and Fomento Económico Mexicano, S.A.B. de C.V. (“FEMSA”) on the sale of their equity interests in the project to Mitsubishi Corp. and leading Dutch pension fund service provider PGGM. MMIF, MacCap and FEMSA had acquired the project in March 2011 from Preneal. Chadbourne had represented MMIF, MacCap and FEMSA on the acquisition as well.

“This is the most significant renewable financing and renewable M&A transaction in Latin America, and we are delighted to have played a role in guiding this landmark project to a successful financial closing,” said Chadbourne partner Rohit Chaudhry.

As part of the deal, $693 million is being debt financed by lenders. The debt financing is being provided by a mix of commercial banks, multilateral agencies, export credit agencies and development banks. These include Banorte, BBVA Bancomer, Credit Agricole Corporate and Investment Bank, HSBC, Santander, Inter-American Development Bank, Banco Nacional de Obras y Servicios Publicos (“Banobras”), Nacional Financiera (“NAFIN”) and Eksport Kredit Fonden (“EKF”). A subsidiary of Vestas Wind System A/S is the wind turbine supplier and EPC contractor. The project has a number of long term power purchase agreements with subsidiaries of FEMSA and Heineken N.V.

The Chadbourne team working on this project included DC partner Rohit Chaudhry, DC associates Raquel Bierzwinsky and Guillermo Coustasse Sandoval, NY partner Allen Miller and NY associates Ted Castell, Jaime Huertas and Monika Szymanski.