mayo 31 2023

Tauil & Chequer Advogados and Mayer Brown assist in the structuring of the first dollar-indexed loan by BNDES for a solar project

Tauil & Chequer Advogados in association with Mayer Brown and Mayer Brown in Chicago played a pivotal role in advising Banco Credit Agricole Brasil (CACIB) and Itaú BBA (IBBA), as guarantors, on the structuring of the first US dollar indexed loan granted by the Brazilian Development Bank (BNDES) for a solar project, in the total amount of approximately US$ 210.5 million.

Such transaction aimed at financing the development and implementation of "Boa Sorte Solar Complex" developed by Atlas Renewable Energy’s, which involved the issuance of bank guarantee letters by IBBA and CACIB. The complexity of this undertaking was further compounded by the requirement of offshore guarantees governed by New York laws to support both BNDES’ financing and the aforementioned bank guarantee letters.

The complex encompasses 8 photovoltaic power plants located in the city of Paracatu, state of Minas Gerais, Brazil, with an estimated joint installed capacity of 350 MWac. In addition, it includes a comprehensive connection system comprising a 138kV collection substation and a 138kV transmission line measuring approximately 25.13km in length. The project is led by Atlas Renewable Energy, the largest independently owned renewables IPP (Independent Power Producer) in Latin America, operating one of the largest fleets of solar projects in the Americas, boasting 2.3 GW of operating projects and a further 3.5 GWs of contracted projects currently under development, construction, and operation.

Tauil & Chequer Advogados in association with Mayer Brown’s team was led by counsel Anna Gouvea and partner Eduardo Lima and included associates Beatriz Lavigne and Wilson Jung. In Mayer Brown's Chicago office, the operation relied on Daniel P. Whitmore, who played a key role in advising on matters related to foreign laws applicable to the structuring of the financing.

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