FERRERE was retained by the United Nations Industrial Development Organization (UNIDO) to structure the “Renewable Energy Innovation Fund” (REIF) financial trust, geared to providing financing for second energy transition (2ET) projects Uruguay.
FERRERE’s broad and unrivaled experience in Uruguay’s capital market won it the tender in a bid process launched by the United Nations to choose its legal advisors for the project.
The REIF trust will activate large-scale financing for new and emerging renewable energy technologies, ventures and activities aligned with its sphere of financing, with an eye to gender awareness and promoting investment with a gender impact in the renewable energy sector.
Trust certificates will be issued in a private placement, for an amount of up to USD 7 million, which will be acquired by UNIDO. Moreover, the financial trust will receive credit support from banks and multilateral development institutions for an approximate amount of USD 35 million, to provide co-financing for the projects.
This is a financing tool that combines private capital and United Nations funds to foster energy transition projects, together with a technical assistance mechanism to help companies validate technologies and business models, as well as measure impact.
Uruguay, along with Fiji, Indonesia and Malawi, were selected among 155 proposals from over 100 countries worldwide by the United Nations Sustainable Development Goals Fund (SDGF) mechanism. In this context, Uruguay obtained funds for implementing the REIF program that will support the country’s 2ET, by decarbonizing different sectors of its economy.
FERRERE’s work is being led by the partner Sebastián Ramos and the attorney Federico Lemos, together with practitioners Cecilia Trujillo and Laura Oliveros.