The FERRERE Uruguay team represented Renovables del Sur S.A. and Renovables del Este S.A. in the refinancing of a credit line obtained in 2013, to develop, build, operate and maintain two wind farms in the Departments of Maldonado and Lavalleja (Uruguay)
The financing consists of one long-term line of credit and one debt service reserve line.
Each wind farm project is for 50 MW installed capacity, consisting of 25 wind turbines with 2 MW capacity each. In turn, the projects also involve the infrastructure necessary to connect the facilities to a high-voltage electrical line (owned by UTE, the government power company).
FERRERE’s work involved, inter alia:
- Negotiating cancellation of the guarantee in effect until then, under the existing financing (regulated by local law);
- Negotiating the local security documents;
- Together with the lenders’ legal counsel, structuring the refinancing, reviewing the documents (under Spanish and New York law), drafting and negotiating matters regulated by Uruguayan law under the financing documents.
FERRERE’s team was headed up by the partners Diego Rodríguez and Gonzalo Secco, along with the associates Tania Cavallo and Cecilia Trujillo.