News
Dias Carneiro advises financing of the Feijão Project
We advised Banco Santander S.A., BNP Paribas, Citibank, N.A., HSBC Bank USA, National Association, JPMorgan Chase Bank, N.A., Natixis New York Branch, Société Générale, Banco BNP Paribas Brasil S.A. and Banco Santander (Brasil) S.A. as lenders on the highly complex and novel cross-border mini-perm project financing in the amount of up to USD 346 million (R$1.7 billion) for the construction of the Feijão project, a 465MW wind power plant, located in the States of Pernambuco and Piauí.
This is a game changer project to local renewable energy market, as this is not only the first Brazilian US dollar-denominated renewables project finance raised solely with commercial banks without the involvement of a development bank, but also the first cross-border mini-perm financing in the renewable energy sector in Brazil, which has a great potential to fostering and paving the way for other USD-linked PPA transactions going forward.
The project was structured by 2 foreign sponsors – Macquarie’s GIG and Hydro Rein – and will apply self-production regime, reinforcing the presence of this feature in sophisticated deals.
This is the fourth consecutive successful USD-linked PPA cross-border project finance deal where Dias Carneiro project finance team has assisted the relevant lenders.
To learn more, access: //bit.ly/3JGi7rx
