November 2020 – Astris Finance is pleased to announce the closing of two refinancing transactions with the Arroyo Energy Group (“Arroyo”). The first one for the Pemcorp gas-fired power plant in the northern region of Mexico; the second one for a renewable portfolio (one solar and one wind asset) in Chile.
The Pemcorp refinancing in the amount of USD 195 Mn is backed by contracted revenues. The 142 MW power plant (130 MW of installed capacity + a 12 MW battery system as a backup) sells its energy through a private PPA to an international car manufacturer in the state of Nuevo Leon, Mexico. The deal was closed in September with SMBC and Natixis as Joint Book-Runners and ING as Mandated Lead Arranger.
The Chilean portfolio included El Arrayán (115 MW of wind) and Conejo (122 MW of solar). The refinancing was executed at the holdco level in the amount of USD 429 Mn including ancillary DSR LC and working capital facilities. The facilities are backed by contracted revenues with Minera los Pelambres, a Chilean mining concern within the Antofogasta group). The financing closed in October and was led by CA-CIB and SMBC as Joint Bookrunners as well as MUFG, Soc-Gen as MLAs, and Caixabank, and Sabadell.
Astris served as financial advisor to Arroyo in both transactions, actively participating in the optimization of the structure of the refinancings as well as the key terms and conditions of the debt. The refinancings generated value for Arroyo and its investors by providing additional financial flexibility.
Arroyo Energy is an independent investment manager focused on power and energy infrastructure assets in the U.S., Mexico and Chile. This is Astris’ third closing with Arroyo over the last two years.