Latham & Watkins Advises Chilean Issuer, AME and EDF on Innovative US$980 Million Portfolio Financing

Latham & Watkins represented Chilean energy company GM Holdings S.A. (Generadora Metropolitana), on a US$980 million concurrent bank and bond project finance transaction for a portfolio of existing and new-build electricity generation assets in Chile. The financing is the largest non-recourse transaction in Chile this year to date. Generadora Metropolitana is jointly owned by independent Latin America power company, AME and EDF.

Proceeds of the financing will be applied to refinancing Generadora Metropolitana’s existing debt and to funding both the construction of the largest photovoltaic plant in Chile and the conversion of the 132MW Los Vientos diesel-fired plant to natural gas thereby positively contributing to Chile's decarbonization efforts.

The Latham team was led by London finance partner Matthew Brown, with London associates Rachel Croft and Charlotte Hawkins, and Singapore associate Ashley Robson. Advice on US capital markets and finance matters was provided by partner Roderick Branch, with associates Carlos Ardila and Daniel Chor; on US tax matters by partner Elena Romanova and associate Lauren Bewley; and on US derivatives matters by partner Carlos Alvarez and associate Ashley Weeks.