Shearman & Sterling advised Japan Bank for International Cooperation, Sumitomo Mitsui Banking Corporation, HSBC Bank USA, National Association, Mizuho Corporate Bank, Ltd., Banco del Estado de Chile, Korea Finance Corporation, Nippon Export and Investment Insurance and Korea Trade Insurance Corporation as lenders or insurers in connection with the $1.05 billion secured financing for the Cochrane power project in Chile being developed by AES Gener and Mitsubishi Corporation.
The Cochrane project will be located in Mejillones, Region II of Antofagasta and will consist of an approximately 472 MW (net) pulverized coal-fired generating facility, comprised of two 236 MW (net) generation units, a 20 MW battery energy storage system and associated infrastructure including an approximately 152 kilometer electrical transmission line.
Concurrently with this project, Shearman & Sterling represented BNP Paribas, as senior intercreditor agent, in connection with a consent, waiver and amendment to the $998.5 million senior secured non-recourse 2008 project financing of the 488 MW coal-fired power plant developed by Empresa Electrica Angamos, S.A. in Mejillones, Chile that allows the borrower to enter into shared facilities arrangements and operating arrangements with affiliates of the borrower and a new power purchase agreement.
The Shearman & Sterling team was led by Gregory Tan (New York-Project Development & Finance) and included partners Cynthia Urda Kassis (New York-Project Development & Finance), Howard Steinberg (New York–Project Development & Finance), Azam Aziz (New York-Investment Funds), and Doug McFadyen (New York-Tax); counsel Alexandro Padrés (New York-Project Development & Finance); and associates Ayako Adachi (New York-Project Development & Finance), Alexandre Charles (New York-Asset Management), Nicolas De Clercq (New York-Project Development & Finance), David Dubrovsky (New York-Project Development & Finance), Lisha Li (New York-Project Development & Finance), Jackson Murley (New York-Project Development & Finance), Christian Rudloff (New York-Project Development & Finance) and Anna Chung (Singapore–Project Development & Finance).
