White & Case Advises Leading Renewable Power Generators in Chile on Closing “PEC III” Receivables Facilities

Global law firm White & Case LLP has advised a group of the leading renewable power generators in Chile on negotiating and closing purchase and sale facilities pursuant to which the generators will sell receivables created under Law No. 21, 472 of Chile, as amended and supplemented by Law No 21,667. The receivables entitle the generators to payments from the Fondo de Estabilización de Tarifas, which is a segregated fund established under Chilean law to stabilize the electricity tariff payable by regulated end- users, and which are partially guaranteed by the Chilean Treasury.

IDB Invest acted as purchaser of record, and the purchase price is partially financed pursuant to a US$2.4 billion bond arranged by Goldman Sachs, J.P. Morgan and Itaú BBA. Goldman Sachs, J.P. Morgan and Itaú BBA acted as joint bookrunners for the transactions.

Funds received by the generators under the so-called “PEC III transaction” will be used to operate and, in some cases, expand some of Chile’s most important renewable power projects.

The Project Development and Finance team was led by partner Thomas Pate and included associates Angeles Femenía and MinJoo Lee, and Latin America Fellow Alberto Eguiguren (all in New York).

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