Baker & McKenzie LLP
11/07/2024 | Press release | Distributed by Public on 11/07/2024 02:40
Baker McKenzie Advised Energía Renovable de la Península on Refinancing Deal
Global law Firm Baker McKenzie announced that it advised Energía Renovable de la Península, a Dragados, Envision Energy and Vive Energía SPV, in a refinancing deal of USD 88,880,000 through the issuance and sale of 6.89% Senior Secured Notes payable on June 30, 2039.
The proceeds from the sale of the Senior Secured Notes will be used to refinance the existing loan used for the development, construction, and operation of the Peninsula 90MW onshore windfarm in the municipality of Progreso, Yucatan, Mexico, including all related interconnection and ancillary assets. This southern region in Mexico is currently experiencing an ongoing energy generation deficit and the highest increase in energy consumption in the country. The Project addresses this generation deficit, and supports Yucatán self-sufficiency, energy wise, by reducing reliance on energy generation from other Mexican states.
The Baker McKenzie team that participated in the deal was made up of partners Pedro Reyes (New York) & Lorenzo Ruiz de Velasco (Mexico), as well as Michelle Pfeffer (Mexico) Pedro Vázquez (Mexico) and Nicole Gresati (New York), from the Transactional Practice Group.
About the transaction, Lorenzo Ruiz de Velasco commented: "This project is strategic to the energy needs of the Yucatán peninsula, we are thrilled to have been part of it and thank the trust of our client in completing the deal."
Baker McKenzie is a transactional powerhouse, with more than 2,500 deal lawyers in 45 jurisdictions offering pragmatic counsel in the areas most critical for clients. The Firm excels in complex transactions and cross-border deals; over 65% of the deals are multi-jurisdictional. The teams are a hybrid of 'local' and 'global', combining money-market sophistication with local excellence. Furthermore, Baker McKenzie is a pioneer in the use of alternative business models and innovative approaches to service delivery, including harnessing the latest technology, to reduce the overall cost to our clients.
The proceeds from the sale of the Senior Secured Notes will be used to refinance the existing loan used for the development, construction, and operation of the Peninsula 90MW onshore windfarm in the municipality of Progreso, Yucatan, Mexico, including all related interconnection and ancillary assets. This southern region in Mexico is currently experiencing an ongoing energy generation deficit and the highest increase in energy consumption in the country. The Project addresses this generation deficit, and supports Yucatán self-sufficiency, energy wise, by reducing reliance on energy generation from other Mexican states.
The Baker McKenzie team that participated in the deal was made up of partners Pedro Reyes (New York) & Lorenzo Ruiz de Velasco (Mexico), as well as Michelle Pfeffer (Mexico) Pedro Vázquez (Mexico) and Nicole Gresati (New York), from the Transactional Practice Group.
About the transaction, Lorenzo Ruiz de Velasco commented: "This project is strategic to the energy needs of the Yucatán peninsula, we are thrilled to have been part of it and thank the trust of our client in completing the deal."
Baker McKenzie is a transactional powerhouse, with more than 2,500 deal lawyers in 45 jurisdictions offering pragmatic counsel in the areas most critical for clients. The Firm excels in complex transactions and cross-border deals; over 65% of the deals are multi-jurisdictional. The teams are a hybrid of 'local' and 'global', combining money-market sophistication with local excellence. Furthermore, Baker McKenzie is a pioneer in the use of alternative business models and innovative approaches to service delivery, including harnessing the latest technology, to reduce the overall cost to our clients.