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6 March 20233 minute read

DLA Piper awarded Proximo’s 2022 “Deal of the Year” for Innergex Renewable Energy’s US$803.1 million refinancing

DLA Piper representation of Innergex Renewable Energy Inc. in the US$803.1 million refinancing of its portfolio of assets in Chile has been recognized by B2B market intelligence provider Proximo as the 2022 Latin America Bond “Deal of the Year.”

The Proximo Awards methodology “combines vast editorial expertise, deep research and market polling,” according to the company.

The Innergex transaction was structured as a private placement to institutional investors of a US$710 million green bond by its indirect wholly owned subsidiary Aela Generación S.A and a related US$93.1 million letter of credit facility. The proceeds were 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 refinanced assets are two solar farms (118.6 MW), three hydro facilities (158 MW) and a battery energy storage system currently under construction.

“The cross-border team that advised Innergex represents the strength of DLA’s combined teams in Latin America and the US,” said Francisco Cerezo, chair of DLA Piper’s US-Latin America practice. “The deal is a testament to our team’s ability to work across multiple jurisdictions, platforms and sectors to provide the best outcome for our clients.”

The team that represented Innergex included partners Mauricio Halpern and Marco Salgado in Chile and Margarita Oliva Sainz de Aja and Christopher Paci in NY.

DLA Piper's Energy sector lawyers advise sponsors, investors and other industry participants on the development, financing, purchase and sale of energy companies and energy infrastructure projects and portfolios. For decades, the firm has represented organizations operating in the sector throughout the world, with a global team serving clients in the renewable generation, energy storage, oil and gas, nuclear, energy trading, climate change and water markets. In addition to energy companies, the firm’s clients also include financial institutions, governments, utilities, regulatory bodies and corporate and industrial buyers of renewable energy.

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 450 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.