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9 October 20233 minute read

DLA Piper awarded LatinFinance’s 2023 “Bond 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 LatinFinance as the “Bond of the Year” in their 2023 Project & Infrastructure Finance Awards.

The Infrastructure Finance Awards recognize “excellence in the provision of capital to support the development of critical infrastructure in Latin America and the Caribbean across all relevant industry sectors,” according to LatinFinance.

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.

“We are incredibly honored by the continued recognition of our cross-border team that advised Innergex. The deal is a testament to the strength of DLA Piper’s global platform to provide the best outcome for our clients in the most complex cross-border matters,” said Francisco Cerezo, chair of DLA Piper’s US-Latin America practice.

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.

The LatinFinance honor is the latest in a series of awards that DLA Piper has received on behalf of their representation of Innergex, which also includes Latin Lawyer’s 2023 “Deal of the Year – Project Finance: Energy and Natural Resources”, Proximo’s 2022 “Latin America Bond Deal of the Year” and Project Finance International’s 2022 “America Power Deal of the Year” and by IJ Global Americas Award 2022 as Deal of the Year “Refinance – Portfolio – Latin America”.

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.