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Thursday, February 2, 2023
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Cuatrecasas advises banks on Project Finance deal for Solarpack

Cuatrecasas has recently advised Bancolombia and IDB Invest on the closing of the financing of two solar energy projects developed by the company Solarpack

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The solar plants ‘La Unión’, with a capacity of 144.5 MWp (megawatt peak), located in Córdoba, and ‘La Mata’, with a capacity of 108.3 MWp (megawatt peak), in the department of Cesar, are the largest projects of their kind financed under the project finance modality.

This is the first financial closing of the projects awarded in the non-conventional renewable energy auctions and is the largest project finance transaction in the photovoltaic sector in Colombia to date.

This project will generate energy equivalent to the consumption of more than 230,000 households and, through these plants, avoid the emission of 84 tonnes of CO2 per year.

According to the financiers involved in the operation, this operation reinforces the financial sector’s commitment to meeting ESG objectives and goals and also strengthens its sustainability strategy. This financing reinforces its commitment and contribution to the operation of economic initiatives with a lower environmental impact for the private sector, in line with the environmental objectives of Latin America.

It should be noted that this Cuatrecasas-led operation enables sustainable development for Colombia and compliance with the Paris Agreement and the COP-21 International Treaty on Climate Change.

The team from the firm’s Commercial practice was led by partner Juan Carlos Puentes, together with lawyers Catalina Herrera, Andrés Herrera, Angie Gómez, María Paula Cortés and Lorenzo Lizarralde, with the participation of Camilo Cardona, Manuel Gómez, Fabio Ardila, Luisa Toledo and Juan Felipe Cortes from the firm´s Bogotá office, as well as partner Agustín Cerdá and lawyer Cristo Gordillo de las Casas from Spain.

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