Chadbourne & Parke LLP represented Citibank as Administrative Agent in a US$200 million cross-border secured credit facility for EMPRESA GENERADORA DE ELECTRICIDAD HAINA, S.A. (“EGE Haina”), a public utility company in the Dominican Republic.
Proceeds of the transaction will finance the construction of a 50 megawatt “Los Cocos Phase 2 Project” wind powered electric generating facility. The project is comprised of 25 wind turbine generators to be integrated with the existing 25.2 megawatt wind power plant located in Juancho Los Cocos, Dominican Republic and a 215.5 megawatt “Quisqueya 2-215MM Wartsila Generators Project” dual fuel, combined cycle reciprocating engine power plant to be located in San Pedro de Macoris, Dominican Republic. The credit facility is secured by liens on the equipment and an assignment of rights under the EPC contracts with each of the manufacturers.
“This deal highlights Chadbourne’s banking and finance practice and our expertise in Latin America and the energy sector,” said Chadbourne partner Marc Rossell.
Working on the deal for Chadbourne were partners Marc Rossell and Ted Markson, counsel Joseph Giannini and associates Chadron Edwards and Soo-ah Nah.
EGE Haina is the largest power company in the Dominican Republic when measured by its installed capacity. EGE Haina has a diversified generation base with power plants throughout the Dominican Republic using various technologies and fuels including the first wind farm in the country, Los Cocos, with 25MW installed.
