Several firms have helped US investor Global Infrastructure Partners (GIP) acquire Latin American renewable energy developer Atlas from UK private equity group Actis.
GIP hired eight offices of Latham & Watkins LLP, Machado Meyer Advogados in São Paulo, Chilean firm Morales & Besa, Galicia Abogados in Mexico City and Uruguayan outfit Posadas.
Actis relied on Skadden, Arps, Slate, Meagher & Flom LLP in New York and São Paulo, two offices of Spain’s Pérez-Llorca, Brazilian firm Mattos Filho, Claro & Cía in Santiago, Mexico’s Mijares, Angoitia, Cortés y Fuentes SC and Ferrere (Uruguay).
GIP obtained acquisition financing to fund the purchase of Atlas. It relied on the same firms – Latham & Watkins, Machado Meyer, Morales & Besa, Galicia and Posadas – to get the funds.
The lenders enlisted Milbank in New York, Chilean firm Barros & Errázuriz Abogados and González Calvillo, SC in Mexico City.
Latin Lawyer understands that Garrigues and Mattos Filho also advised the lenders, but this could not be confirmed before publication.
Both the acquisition and the financing closed on 10 October. The financial details of those transactions have not yet been disclosed.
The target company is the second-largest independent renewable energy developer in Latin America. It operates 14 solar projects across Brazil, Chile, Mexico and Uruguay, totalling 2.3 gigawatts of installed capacity.
The acquisition is part of GIP’s strategy to increase its presence in the Latin American renewables market, as the global energy transition continues to pique demand for sustainable resources. Actis’ divestment forms part of the company’s intention to exit several renewables projects it has helped develop to full capacity in Latin America over recent years, where it has built a 7-gigawatt portfolio.
Headquartered in New York, GIP has some US$84 billion worth of assets under management. It primarily invests in infrastructure assets across emerging markets, such as Latin America. This is not the first time that GIP has bought assets from Actis. Last year, the US investor paid US$275 million to buy Mexican power group Saavi Energía from the UK investor. Latham & Watkins advised GIP on that occasion too, while Milbank and Galicia acted for Actis. González Calvillo was also involved, advising a group of lenders.
Founded in 2016 as the renewables branch of Actis, Miami-headquartered Atlas develops renewable energy projects throughout Latin America. It has sought funding for its projects in Brazil, Chile and Mexico on previous occasions. Last year, it borrowed US$150 million to build a solar power facility in Brazil.
London-based Actis invests in private equity, real estate, digital infrastructure and energy businesses worldwide. The company has raised US$24 billion in private equity since it began operating in 2004. In June, it spent US$147 million to buy a minority stake in Brazilian renewable energy group Omega, after it sold its stake in São Paulo-headquartered renewables business Echoenergia to Equatorial Energia for US$1.4 billion earlier this year.
For the acquisition
Counsel to Global Infrastructure Partners (GIP)
In-house counsel – Julie Ashworth and Marissa Marco
Latham & Watkins LLP
Partners Tony Del Pino and Alan Kimball, counsel Marcela Ruenes and Brett Ackerman, and associates John Karantonis, Carlos Ardila, Daley King, Costanza Garcia, Maria Pilar Villanueva, Francisco Lanusse, Ana Nuñez Cárdenas, Ashley Weeks and Tiiu Lemsalu in New York; partners David Penna and Adam Kestenbaum, counsel Laura Szarmach and associate Grace Tang in Washington, DC; partners Sean Finn and Nathan Seltzer in London; partners Jordi Domínguez, Iván Rabanillo, Fernando Colomina and María José Descalzo, and associates Aitor Errasti and Leticia Sitges in Madrid; associate Matthew Crawford in Boston; partner Robert Frances and counsel Aaron Friberg in San Diego; partner Chris Norton in Orange County; and partner Drew Levin and associate Harrison White in Los Angeles
Machado Meyer Advogados
Partners Jose Prado, Laura Garcia de Freitas Souza and Luciana Costa Engelberg, and associates Carolina Maronez Barreto, Heloisa Zerbinatti Sato, Luis Filipe Gentil Pedro and Leticia Sobrinho De Aguiar in São Paulo
Morales & Besa
Partners Carlos Silva, Myriam Barahona and Juan Carlos Valdivieso in Santiago
Galicia Abogados
Partners Francisco Fernández Cueto, José Visoso, Mariana Herrero and Juan Carlos Burgos, counsel Nadia González and associates César Díaz Sacal, Ana Pérez Borja, Nicolás Marván, Maria Fernanda Luna, Alessandra Gutiérrez, Marina Madero and Gabriela Lomelí in Mexico City
Posadas
Partners Tomas Gurmendez and Andres Aznarez, and associates Paula Cabarcos, Karina Souza, Jacinta Inciarte, Marina Jimenez de Arechaga, Mariana Fernandez, Victoria Elduayen and Gabriela Sosa in Montevideo
Counsel to Actis
Skadden, Arps, Slate, Meagher & Flom LLP
Partners Paola Lozano, Edward Gonzalez and Julie Bédard, associate José Manuel Vivanco Letelier and international visiting professional Jorge Ignacio Covarrubias Serrano in New York, and associate Francisco Carrillo in São Paulo
Pérez-Llorca
Partner Javier Gómez and associate Gonzalo Sánchez-Quiñones in New York, and associates Victoria Martin di Costanzo and Guillermo Giménez in Madrid
Mattos Filho
Partners Sabrina Naritomi, Pedro Whitaker de Souza Dias, Andrea Bazzo Lauletta, Fabiano Ricardo Luz de Brito and Bernardo Môcho Moura, and associates Joana Pimentel Gomes Reimão, Pedro Andreoli Hirata and Rafaela Moreira Haddad in São Paulo
Claro & Cía
Partner José Luis Ambrosy, counsel Philippa Cooper and associate Maríá Javiera Eyzaguirre in Santiago
Mijares, Angoitia, Cortés y Fuentes SC
Partners Horacio de Uriarte Flores, Rodrigo Del Valle Prieto and Luis Monroy González, of counsel Gabriel Calvillo Díaz and associates Aisha Calderón Moisés, Paula Pérez Benítez, Elián Ávila Zataray, Anacandy Perusquía Velázquez, Eugenia Portugal Rocha, Patricio Rivas San Román, Paulina Martínez Alvarado, María José Canseco Melín, Lorena Galicia, Raquel Najmias and David Ricardo Rajunov in Mexico City
Ferrere (Uruguay)
Partner Gonzalo Secco, counsel Isabel Hounie, and associates María Victoria Costa, Agustina Pérez, Enrique Slekis, Federico Rodríguez and Ana Laura Oliveros in Montevideo
For the acquisition financing
Counsel to Global Infrastructure Partners (GIP)
In-house counsel – Julie Ashworth and Marissa Marco
Latham & Watkins LLP
Partners Tony Del Pino and Alan Kimball, counsel Marcela Ruenes and Brett Ackerman, and associates John Karantonis, Carlos Ardila, Daley King, Costanza Garcia, Maria Pilar Villanueva, Francisco Lanusse, Ana Nuñez Cárdenas, Ashley Weeks and Tiiu Lemsalu in New York; partners David Penna and Adam Kestenbaum, counsel Laura Szarmach and associate Grace Tang in Washington, DC; partners Sean Finn and Nathan Seltzer in London; partners Jordi Domínguez, Iván Rabanillo, Fernando Colomina and María José Descalzo, and associates Aitor Errasti and Leticia Sitges in Madrid; associate Matthew Crawford in Boston; partner Robert Frances and counsel Aaron Friberg in San Diego; partner Chris Norton in Orange County; and partner Drew Levin and associate Harrison White in Los Angeles
Machado Meyer Advogados
Partners Jose Prado, Laura Garcia de Freitas Souza and Luciana Costa Engelberg, and associates Carolina Maronez Barreto, Heloisa Zerbinatti Sato, Luis Filipe Gentil Pedro and Leticia Sobrinho De Aguiar in São Paulo
Morales & Besa
Partners Carlos Silva, Myriam Barahona and Juan Carlos Valdivieso in Santiago
Galicia Abogados
Partners Francisco Fernández Cueto, José Visoso, Mariana Herrero and Juan Carlos Burgos, counsel Nadia González and associates César Díaz Sacal, Ana Pérez Borja, Nicolás Marván, Maria Fernanda Luna, Alessandra Gutiérrez, Marina Madero and Gabriela Lomelí in Mexico City
Posadas
Partners Tomas Gurmendez and Andres Aznarez, and associates Paula Cabarcos, Karina Souza, Jacinta Inciarte, Marina Jimenez de Arechaga, Mariana Fernandez, Victoria Elduayen and Gabriela Sosa in Montevideo
Counsel to BNP Paribas, Scotiabank and SMBC
Milbank
Partner Dan Bartfeld, special counsel Sean O’Neill and associates Ariel Oseasohn, Aigul Gaisin and Upasana Guha Niyogi in New York
Barros & Errázuriz Abogados
Partner Vicente Cordero and associates Veronica Vergara, Felipe Rios, Gabriela Galdames, Raimundo Ruiz and Cristobal Gil in Santiago
González Calvillo, SC
Partner Jorge Cervantes Trejo and associates Jerónimo Ramos Arozarena and Andrés Yépiz Méndez in Mexico City
Source: Latin Lawyer