Solar panels at dusk
Our Work

Latham & Watkins Advises on REDEN Group’s Inaugural Private Placement for PMGD Portfolios

October 19, 2022
Members of the firm’s Latin America Practice represented the investors in the US$135 million parallel refinancings.

Latham & Watkins advised two international investors on two separate debt private placements to refinance construction loans for portfolios sponsored by the REDEN group, a first-time issuer and a global independent power producer of photovoltaic renewable energy that owns nearly 1GW of generation capacity throughout France, Spain, Portugal, Greece, Italy, Chile, Puerto Rico, and Mexico.

The portfolios comprise 31 solar projects located in Chile totaling 180 MW. The projects qualify under Chile’s distributed energy program known as Pequeños Medios de Generación Distribuida (PMGD).

The financings were structured and placed by Credit Agricole Securities (USA) Inc. and achieved global scale ratings of “BBB-” by S&P. With the closing of these two portfolio financings, Latham & Watkins has worked on three out of four debt private placements for PMGD projects.

The Latham deal team was led by corporate partners Guido Liniado and Gianluca Bacchiocchi, with associates Carlos Ardila and Giancarlo Reanda.