CHILE FIRM BRIEFINGS Cariola Díez Pérez-Cotapos & Cia
2012 Firm Overview Cross-border experience
Peru
Most active disciplines Disputes: Financial and corporate Financial and corporate: Banking, M&A, Private equity, Project finance Public: Competition, Construction, Employment, Environmental, Projects, Regulatory Tax: Corporate tax, Indirect tax, Transfer pricing
Key energy sectors
LNG, Mining and metals, Oil and gas, Power networks and distribution, Renewables, Traditional power
Key infrastructure sectors Airports and aviation, Education, Healthcare, Ports and shipping, Rail, Roads, Water and sewage
Key partners Cristian Herrera, Gonzalo Jimenez, Jose Luis Letelier
With a good mix of work and clients and a strong practice in mining, Cariola Diez Perez-Cotapos & Cia’s energy and infrastructure practices are growing markedly. In December 2012, the firm advised a syndicated group of Chilean
banks with the due diligence process and the estimated $85 million fi- nancing structuring of an aeolian generation project located in the southern region of Chile. Just a month before, Cariola Diez advised Chilean power company AES Gener in an agreement worth more than $1.3 billion between AES Gener and Mitsubishi Corporation to con- struct and operate Cochrane, a coal-fired power project located in a northern city of the country. The firm has legally advised Southern Cross Group, a large a private equity fund that develops greenfield power plants in Chile, on all of its energy projects.
Guerrero Olivos Novoa Errázuriz
2012 Firm Overview Most active disciplines
Disputes: Financial and corporate, Tax, Public Financial and corporate: Banking, Commodities trading and energy derivatives, Equipment/asset finance, Investment funds, M&A, Private equity, Project finance Public: Competition, Construction, Environment, Projects, Regulatory Tax: Corporate tax, Indirect tax, Transfer pricing
Key energy sectors
LNG, Mining and metals, Oil and gas, Power networks and distribution, Renewables, Traditional power
Key infrastructure sectors Airports and aviation, Healthcare, Ports and shipping, Rail, Roads, Water and sewage
Key partners
Hernan Felipe Errázuriz Correa, Roberto Guerrero V, Pedro Lyon Bascur, Clemente Pérez, Martín Santa María Oyanedel
Guerrero Olivos Novoa Errázuriz has been practicing in the Chilean legal market since 1982 and has worked on several projects to develop the country’s infrastructure and energy sector, including water desalin- ization projects to provide water in the northern desert regions and finding financing for roads, airports, railways, LNG facilities and ports.
58 ENERGY & INFRASTRUCTURE | LATIN AMERICA 2013 On December 26 2012, the firm closed a deal on behalf of client
Transantarctic Energía (TAE), providing financing for a 36MW wind farm in Chiloé in the region of Los Lagos. The firm characterises this project as the first wind farm in Chile to be funded through a project finance deal without a PPA (power purchase agreement). It benefits from a special insurance contract, developed by the firm’s attorneys, al- lowing modest-scaled project financings to proceed in the absence of a PPA. The 36MW wind farm is currently its first stage of development. In a $97 million deal closing in June 2012, the firm advised a Span-
ish multinational transmission company on the negotiation of two BOO (built-operate-own) contracts for transmission lines needed by the Sierra Gorda Mining Project, II Region. In different months in 2012, the firm counseled Hidroenersur on
four project finance operations for river projects in Hidroangol, Nalcas, Callao, and Bonito. The four projects have an estimated total value of $80 million. In October 2012, the firm’s lawyers worked with client CAP to fi-
nance the construction of a desalination plant to furnish water for min- ing facilities located in Chile’s Atacama region. The plant has an expected production capacity of 600 litres of water per second, and is valued at $180 million.
Morales & Besa
2012 Firm Overview Most active disciplines
Disputes: Financial and corporate, Public, Tax Financial and corporate: Banking, Commodities trading and energy derivatives, Investment funds, Equipment/asset finance, M&A, Private equity, Project finance Public: Competition, Construction, Environmental, Employment, Land, Projects, Regulatory Tax: Corporate tax, Indirect tax, Transfer pricing
Key energy sectors
LNG, Oil and gas, Power networks and distribution, Renewables, Traditional power
Key infrastructure sectors Airports and aviation, Healthcare, Ports and shipping, Roads, Water and sewage
Key partners Alejandro Huneeus V, Pedro García M, Carlos Silva V
Morales & Besa has over two decades of experience in corporate, fi- nancial, and tax law, and is knowledgeable in run-of-the river hydro- electric project financing. The firm has advised 25 run-of-the river hydro plants worth over $500 million. Morales & Besa has provided advice in the drafting and negotiation
of first solar photovoltaic (PV) based PPA (power purchase agreement) in Chile and other ancillary agreements, for supply of energy require- ments of Compañía Minera Dayton to be supplied by a PV plant owned by an SPV of Solairedirect. The negotiations wrapped up on March 20 2012. In January 2013, the firm counseled Empresa Na- cional del Petróleo, Chile’s biggest oil importer and refiner, on a bond financing worth $288 million. Empresa Nacional del Petróleo placed five and 21 year bullet bonds. On January 15 2013, Morales & Besa helped BBVA New York secure $170 million for a trunk transmission line, extending 250 km, developed by a subsidiary of Spanish-based ELECNOR.
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