Ashurst advises on first merchant PV solar plant in Latin America

Ashurst advised EverStream Energy Capital Management and Chilean family office represented by Claro Y Asociados on the acquisition of a majority share in the SPV owning the 50.7MW San Andres solar power plant project in Chile and on the project financing by International Finance Corporation ('IFC'), a member of the World Bank Group, and the Overseas Private Investment Corporation ('OIPIC').

SunEdison closed the $100.4 million non-recourse debt financing arrangement with IFC and OPIC in November 2013, with OPIC providing US$62.9 million of debt, IFC a parallel loan of US$37.5 million and Rabobank providing a local Chilean Peso VAT facility for the equivalent of US$25.6 million.

Set to become the largest solar PV merchant plants in the world, it is the first merchant solar project in Chile and the first fully merchant power project anywhere in Latin America. It will deliver energy directly to the Central Interconnected System and sell its production in the spot market.

The Ashurst team was led by Milan-based partner Carloandrea Meacci, assisted by senior associate Annamaria Pinzuti and Francesca Brilli. New York based partner Charles Williams advised on US aspects.