DLA Piper advised Innergex Renewable Energy Inc. in a private placement to institutional investors of US$710 million principal amount of senior secured notes by its indirect wholly owned subsidiary Aela Generación S.A and a related US$93.1 million letter of credit facility.
The proceeds will be used principally to refinance existing debt of a portfolio of wind, solar, and hydro assets wholly owned by Innergex, including debt assumed in connection with its May 2022 acquisition of three Aela wind farms (332 MW).
Also included in the portfolio of assets being refinanced are two solar farms (118.6 MW), three hydro facilities (158 MW), and a battery energy storage system currently under construction.
“We are honored to advise Innergex and Aela Generación on this landmark transaction,” said partner Margarita Oliva, co-head of DLA Piper’s Latin America Regional Practice Group of Finance.
“We believe this deal represents Latin America’s largest U.S. private placement transaction in recent years,” said partner Christopher Paci, chair of DLA Piper’s US Capital Markets practice.
“We are very pleased we could draw on the strength of our combined teams in New York, Santiago, and Buenos Aires to advise Innergex on this refinancing transaction after assisting with its acquisition of the Aela portfolio of wind and solar assets earlier this year,” added Mauricio Halpern, head of DLA Piper’s Banking and Finance practice group in Chile.
The cross-border DLA Piper team advising Innergex and Aela Generación on the financings was led by partners Oliva and Paci (both New York) and Halpern and Marco Salgado (both Santiago); associates Juan Rosatto (Buenos Aires), Ruben Fernandez (San Juan), and Natalia Cox, Jacinta Irarrázabal, and Jerónimo Zabala (all Santiago) also worked on the transaction.
DLA Piper Latin America’s team offers full-service business legal counsel to domestic and multinational companies with interests in and operations throughout the region. Our integrated approach to serving clients combines local knowledge with the resources of the DLA Piper global platform. With over 400 lawyers practicing throughout Argentina, Brazil, Colombia, Chile, Mexico, Peru, and Puerto Rico, our teams frequently work with our professionals throughout the LatAm region, Iberian Peninsula, and around the globe to ensure our clients receive the depth of service they require to meet their legal and business objectives.