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Allen & Overy advises Bank of China on USD850 million loan facility to finance the acquisition of Chaglla power project in Peru

 

21 May 2019

Allen & Overy has advised Bank of China Limited, Luxembourg Branch, as global mandated co-ordinator, lead bookrunner and global lead arranger, in providing a USD850 million loan facility to a consortium led by China Three Gorges Corporation, Ace Investment Fund II LP and Guoxin International Investment Corporation to finance the acquisition of the Chaglla hydropower project in Peru.

The Chinese consortium paid USD1.39 billion for the facility, which is located on the Huallaga River in the Chaglla and Chinchao districts of Peru.

This transaction illustrates the strength of focus of China’s outbound energy investment but also the increased interest that China has in Latin America.

Partner Yvonne Ho commented, “Chinese banks and companies are increasingly investing in major clean energy projects around the world, particularly in “One Belt One Road” countries. Latin America is a popular investment destination for hydro projects due to the abundant hydro resources in this region and the policy incentives supporting investment”.

Partner Bruno Soares added, “This successful cross-border transaction involved a number of jurisdictions, including China, Peru, New York, Brazil and Luxembourg, and is a testament to the strength of our global network and depth of our Latin America practice.”

The Allen & Overy team was led by partners Bruno Soares in São Paulo and Yvonne Ho in Beijing, with support from lawyers in our Beijing, São Paulo, New York, Tokyo, Luxembourg and Washington DC offices, namely partner Patrick Mischo, counsel Julie Carbiener, associates Andre Teixeira, Eduardo Kappel, Violet Jia, Chris Jung, Kuda Chirambadoro, Inhong Kim and legal adviser Helen Gu. Specialist derivatives advice was provided by partner David Lucking and senior associate Shanthi Maria Vignasen.

For further information, please contact Madhu Mirpuri (madhu.mirpuri@allenovery.com) on +852 2974 7377.

 

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