Latham & Watkins Advises BlackRock on US$75 Million Novel Mezzanine Financing in Chile

Latham advised on the transaction, which was structured as a private placement of notes under Section 4(a)(2) of the Securities Act of 1933, as amended, with BlackRock acting as the sole purchaser.

The financing contemplates the issuance of delayed-draw notes whose proceeds will be used mainly to fund equity requirements under a separate multi-source project financing comprising several loan facilities and a debt private placement to support Solek’s portfolio of solar power plants in Chile. Latham separately represented Banco de Crédito e Inversiones (BCI) as VAT lender, collateral agent, and depositary bank in the multi-source project financing.

Solek’s approximately 280MWdc construction and operating portfolio is located in the northern and central regions of Chile. It includes a utility-scale photovoltaic park and 29 solar projects under Chile's Pequeños Medios de Generacion Distribuida (PMGD) distributed energy program.

The Latham & Watkins LLP deal team was led by partner Guido Liniado. Advice was also provided on tax matters by partner Elena Romanova.