NEW YORK – March 6, 2023 – Global law firm Greenberg Traurig, LLP advised NextPower III Chile HoldCo II SpA in arranging the financing for the acquisition, construction and development of up to 20 photovoltaic project companies in Chile, including funding for the first six projects. NextPower III Chile HoldCo’s sponsor, NextPower III LP, is an international ESG fund managed by NextEnergy Capital, a specialist solar investment and asset manager based in the United Kingdom with more than 1.3 GWp in operation worldwide and with presence in four continents.
NextPower III LP worked with Natixis Corporate & Investment Banking, New York Branch to structure the financing as Sole Bookrunner and Green Loan Coordinator. It is expected that this portfolio of 20 photovoltaic plants will reach a total capacity of 169 MW. The portfolio will be part of a network of small renewable energy generation plants connected for distribution throughout Chile under the PMGD regime (pequeños medios de generación distribuida or small means of distributed generation in English). PMGD projects can sell energy at stabilized prices and are not exposed to the same risks as projects with regulated power purchase agreements or merchant risk.
“This portfolio will have a significant impact on Chile’s efforts to achieve de-carbonization and provide reliable, renewable energy to many more Chileans,” said Oscar Stephens, a Latin America Practice shareholder based in Greenberg Traurig’s New York office who led the firm’s team in the transaction. “Working collaboratively with NextEnergy and Natixis, it was possible to structure and close a complex financing in this environment.”
The other Greenberg Traurig team members who worked on this transaction were Corporate Shareholder Nanette Aguirre, Tax Practice Shareholder Erez Tucner, Associates Mirae Park and Sean C. O’Bryan, and Foreign Law Clerk Catalina Rodriguez Trout, all based in the firm’s New York office.
About Greenberg Traurig: Greenberg Traurig, LLP has more than 2650 attorneys in 44 locations in the United States, Europe, Latin America, Asia, and the Middle East. The firm is a 2022 BTI “Highly Recommended Law Firm” for superior client service and is consistently among the top firms on the Am Law Global 100 and NLJ 250. Greenberg Traurig is Mansfield Rule 5.0 Certified Plus by The Diversity Lab. The firm is recognized for powering its U.S. offices with 100% renewable energy as certified by the Center for Resource Solutions Green-e® Energy program and is a member of the U.S. EPA’s Green Power Partnership Program. The firm is known for its philanthropic giving, innovation, diversity, and pro bono. Web: www.gtlaw.com.