Latham & Watkins Advises Matrix Renewables on Colombia’s First Long-Term Financing Agreement for Renewables

Matrix Renewables, a renewable energy platform created and backed by global alternative asset manager TPG and its US$12 billion impact investing platform TPG Rise, announced that it signed a new long-term financing agreement with Bancolombia and the Inter-American Development Bank for its Los Llanos portfolio. This financing is groundbreaking as it represents the first non-recourse long-term financing project for operating Solar PV or Wind in Colombia.

Located in Puerto Gaitan, in the region of Meta, the Los Llanos portfolio comprises the Bosques Solares de Los Llanos 1, 2 & 3 sites, the largest operational Solar PV portfolio in Colombia. In addition to providing new, clean electricity to Colombian households and businesses, Matrix Renewables created over 500 jobs, with over 70% of the workers hired locally, through construction and now operations. Moreover, Matrix Renewables committed to execute the reforestation and/or environmental enhancement of at least 168 hectares of land. In February this year, President of Colombia Iván Duque, visited the site in recognition of this project’s contribution to Colombia reaching its ambitious renewable energy goals.

The new deal adds substantial renewable energy supply to Matrix Renewables’ existing 1.3 GW portfolio and international footprint across Europe, United States, and Latin America.

Latham & Watkins LLP advised Matrix Renewables in the transaction with a deal team led by partner Paul Hunt and associate Carlos Ardila, both members of the firm’s Latin America and Project Development & Finance Practices, with associate Costanza Garcia. Advice was also provided on compliance matters by partner Daniel Domínguez, and on environmental matters by partner James Barrett.