Latham Advises Pentagreen Capital on US$100 Million Financing With Citicore Renewable Energy Corporation

Latham & Watkins has advised Pentagreen Capital (Pentagreen), a sustainable infrastructure debt financing partnership established by shareholders HSBC and Temasek, on its landmark financing with Citicore Solar Energy Corporation, the solar development vehicle of Citicore Renewable Energy Corporation, a Philippines-based integrated renewable energy platform, to accelerate the development of new solar power projects in the Philippines.

Pentagreen, acting as exclusive Mandated Lead Arranger, structured a US$100 million Mezzanine Construction Green Loan Facility and committed an initial tranche of US$30 million. This initial tranche will provide funding for the construction of four greenfield projects and two more that have been recently completed. These projects are expected to add around 691 gigawatt hours (GWHs) of renewable electricity supply into the Luzon grid annually and result in avoided Greenhouse Gas (GHG) emissions of 430,000 tonnes of CO2 annually.

The Latham team was led by Singapore finance partners Timothy Hia and Owain Davies, with Tokyo counsel Richard Fleming and Singapore associates Chuan Wei Kong, Rob Thompson, and Hui-Yan Chew.