Shearman & Sterling: Construction Financing for Mexican solar photovoltaic project
Press Release by Shearman & Sterling
Shearman & Sterling represented Bancomext, Natixis, and Société Générale, as lenders, agents, L/C issuing bank and hedge providers, in connection with the financing of the construction by ENR AGS, S.A. DE C.V., a subsidiary of Neoen (a subsidiary of Impala SAS), of a 300 MWac solar photovoltaic project in the state of Aguascalientes, Mexico, and related transmission lines.
The deal is backed by 15-year power purchase agreements and 20-year clean energy certificates (CEL), via a contract awarded in Mexico’s Third Clean Energy Auction in November 2017. The project will sell some 70% of the electricity produced at a fixed price of $18.93 per MWh, and will sell the remainder to the spot market. Lenders assumed a larger merchant risk in this transaction than previously seen in the Mexican market.
The Team
ALEXANDRO M. PADRÉS
PAULA HOWELL ANDERSON
THOMAS DONEGAN
KRISTEN GARRY
GEOFFREY GOLDMAN
MEHRAN MASSIH
AUGUSTO RUILOBA
JOSHUA PRESS
UDOAKU CAMILLA IHENETU
DANIELLE ALTINK
SEAN W. ANDERSON
MATTHEW BEHRENS
DANIEL KACHMAR
J. IGNACIO SALDANA
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