IPPToday #84: LAP issues USD-412m bond to refinance wind in Chile
- Latin American Power (LAP)
- Barros, Silva, Varela & Vigil
- Norton Rose Fulbright
- Winston & Strawn
- Carey Abogados
- American General Life Insurance Company
- Allianz Capital Partners (ACP)
- American Equity Investment Life Insurance Company
- Annuity Association of America
- CM Finance
- Clifton Park Capital Management
- Ensign Peak Advisors
- Migdal Insurance Company
- Teachers Insurance
- The Guardian Life Insurance Company of America
- The Variable Annuity Life Insurance Company (VALIC)
- The United States Life Insurance Company
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Latin America Power Ltda (LAP) has issued US$412 million (€347.7 million) in bonds to refinance two wind farm projects located in Chile, the 184.8 MW San Juan and the 46 MW Totoral wind facilities.
The notes will have a 16-year final maturity and an approximately 11-year average life, with a coupon of 5.35%.
LAP owns the two windfarms whose revenues are mainly derived from power purchase agreements (PPAs). The details of the two wind farms are as follows:
- San Juan is a 184.8 megawatt (MW) facility located in Vallenar, Chile (about 650 kilometers north of Santiago), consisting of 56 Vestas V117-3.3 MW wind turbines, which started operating in the first quarter of 2017.
- Totoral is a 46.0 MW facility located in Canela, Chile (about 300 kilometers north of Santiago), consisting of 23 Vestas V90-2.2 MW wind turbines, which have been operating since 2010.
Both wind farms sell power into the Central Interconnected Electric System of Chile.
The companies, which acted as initial purchasers are: American General Life Insurance Company; The Variable Annuity Life Insurance Company; Allianz Life Insurance Company of North America; C. M. Life Insurance Company; The Guardian Life Insurance Company of America; Massachusetts Mutual Life Insurance Company; American Equity Investment Life Insurance Company; The United States Life Insurance Company in the City of New York; Teachers Insurance and Annuity Association of America; Migdal Insurance Company; Migdal Makefet Pension and Provident Funds; Ensign Peak Advisors; American General Life Insurance Company and Clifton Park Capital Management.
Barros, Silva, Varela & Vigil, Norton Rose Fulbright and Winston & Strawn have advised the investors with the transaction.
We have lately informed about other renewable projects in Chile:
- 3 MW Valle de la Luna solar PV plant in Lampa community
- 1000 MW Bundang-Gu Calama solar complex in Antofagasta region
- 246.6 MW El Romero Solar PV plant
- 607 MW Horizonte wind farm in Taltal
- 3 MW Santa Laura solar PV park in Chile
- 3 MW Amaparo del Sol solar PV project in Chile
- 9 MW Marchigue solar project in O'Higgins
- 48 MW Cerro Pabellón geothermal plant in Atacama Desert
- 110 MW Cerro Dominador solar CSP project in Atacama desert, Chile