Allen & Overy advises on AMP Capital and Enel X joint venture to advance electric public transportation in Chile
07 September 2020
AMP Capital, a global investment manager, and its joint venture partner Enel X, Enel Group’s advanced energy services business line, have raised approximately $130 million in debt financing to be used for the electrification of the bus fleet for the public transit system of Santiago, Chile. Allen & Overy’s Projects, Energy, Natural Resources and Infrastructure (PENRI) group advised lenders to the joint venture BNP Paribas, Société Générale and Sumitomo Mitsui Banking Corporation, which closed the 10-year term loan.
The public-private partnership will bring 433 electric buses to Santiago, which will be operated by local company Metbus.
“This transaction represents a significant milestone in the push for electrification in the Chilean public transportation system,” said Sami Asad Mir, Partner at Allen & Overy. “This furthers Allen & Overy’s work with international financiers investing in green loans in the Latin American infrastructure sector, and we look forward to more projects in the future.”
AMP Capital owns an 80% stake in the partnership and Enel X owns the remaining 20% stake. Scotiabank Chile provided a CLP-denominated VAT facility for approximately $24 million with a 1.5-year tenor.
“We are grateful to the lenders and sponsors for trusting the Allen & Overy team to bring this transaction to a close,” said Jillian Ashley, Partner at Allen & Overy.
The Allen & Overy team was led by PENRI partners Sami Asad Mir, Jean Lee and Jillian Ashley with support from associates Sagarika Sridhar and Nicole Ubal.
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