Carey advises SunPower

Carey advised SunPower, as sponsor and parent company of Total SunPower El Pelícano, in the development and financing of the construction, commission, operation and maintenance of a 100MW photovoltaic plant located in the Coquimbo Region, in the borough of La Higuera, and its related transmission lines and civil engineering works. A syndicate comprised by Crédit Agricole Corporate and Investment Bank, The Bank of Tokyo-Mitsubishi UFJ, Sumitomo Mitsui Banking Corporation and Korea Development Bank, have agreed to finance the project with a construction loan convertible into a long-term loan, which includes the issuance of letters of credit, of app. USD200 million, whereas Banco de Crédito de Inversiones (Bci) has agreed to provide financing for the Value Added Tax for the construction of the project with a USD22 million VAT loan. Additionally, Bci entered into a credit agreement with Total SunPower El Pelícano for the issuance of bank bonds, in order to secure promt payment of certain obligations under specific contracts, such as the Metro Power Purchase Agreement.

Closing of this deal was very challenging to all parties involved, as three different financing were taking place simultaneously, among different parties, which required a very collaborative process of negotiations. In addition, some matters issues regarding real estate and governmental authorizations needed to be sorted out before closing the deal.

Carey advised the Borrower in Chile through partners Francisco Ugarte and Felipe Moro and associates José Tomás Barrueto, José Miguel Bellagamba, Elvira Vial, Paluska Solar, and Gabriel Acuña. 

White & Case advised the Borrower in New York through partner Troy Alexander and associates Melinda Baglio, Julia Bell and Fernando Noriega.

Chadbourne & Park LLP advised the Lenders in New York through partner Todd Alexander and associates David Lamb and Lee Gordon. 

Morales & Besa advised the Lenders in Chile through partner Myriam Barahona and associates Ignacio Menchaca, Paulo Quinteros and María Paz Charpentier.

In-house lawyers:

Lindsey Wiedmann – SunPower.