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Milbank, Tweed, Hadley & McCloy LLP represented a group of international lenders in providing US$ 225 million in financing for the development of Chile’s largest wind farm.

Pattern Energy Group LP is developing the El Arrayán wind project along with AEI and Chile’s Antofagasta Minerals S.A. The project is located some 250 miles north of Santiago along Chile’s Pacific coastline. Siemens is providing approximately 50 wind turbines manufactured in Demark. When it begins commercial operation in the second half of 2013, El Arrayán will deliver 115MW of energy. Milbank was counsel to the lender group providing construction financing, a 15-year term loan, and a letter of credit facility. The bank group included Bank of Tokyo-Mitsubishi UFJ, Crédit Agricole and Sumitomo Mitsui Banking Corp. Milbank also advised Denmark’s official export credit agency EKF, which provided guaranteed loans to the project through its ELO program. Separately, Chile’s CorpBanca provided a US$ 20 million subordinated loan facility to finance value-added tax payments by El Arrayán.
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