Global law firm White & Case LLP has advised the Czech Republic–based renewable energy developer Solek Holding SE and certain of its subsidiaries on a senior secured credit facility. The proceeds will be used to develop a portfolio of photovoltaic plants in Chile under the country's special regime for distributed generation projects (the PMGD regime by its Spanish acronym). The PMGD regime was created in 2005 with the goal of incentivizing more distributed electricity generation in Chile and more broadly to reach Chile's objective of carbon neutrality by 2050.
Solek Holding SE is an energy company established in 2010, providing business in the renewable energy sector. With a focus on solar power, it develops, builds, owns, operates and maintains power plants across the European and Latin American continents.
Natixis, New York Branch acted as sole bookrunner for the facility. The portfolio will initially include four PMGD projects, and the financing structure provides the flexibility to add additional projects to the portfolio over time upon satisfaction of certain criteria.
"The Firm continues to see a lot of activity in the PMGD sector in Chile, including for M&A, development, financing and refinancing work, and we are very pleased to have supported Solek on reaching this important milestone," said White & Case partner Thomas Pate, who led the team of lawyers on this matter.
The White & Case team that advised on the transaction was led by partner Thomas Pate (New York) and included associates Jacqueline Durand (Miami) and Pedro Hendel (Madrid).
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