La Virgen Hydro refinances bridge loans
La Virgen – 65% owned by Alupar Investimento – has drawn down an $80 million long term loan from CAF and DEG to refinance bridging loans provided by Cofide and Santander for its $105 million 84MW La Virgen hydro project in Peru. CAF is providing $50 million of the debt and DEG $30 million.
Borrower counsel was provided by Linklaters and Rebaza Alcazar & De Las Casas Lawyers. The lenders were represented by Veirano Advogados, CMS Grau Abogados and White & Case. Citibank del Peru, which acted as guarantee agent, was represented by Rubio Leguia Normand and Alston & Bird.
The project benefits from 40.4MW already under contract and will begin commercial operations later this year. The scheme also includes a 138 kW transmission line from La Virgen to Caripa, and electrical works for connection with the new La Virgen Electric Substation 13, 8/138 kV, and the extension of the Caripa Substation.
