Scotiabank congratulates its client, Global Infrastructure Partners (GIP), on being recognized in the IJGlobal ESG Awards 2023 in the category of ‘Renewables Deal of the Year for Latin America’ for its acquisition of Atlas Renewable Energy.
Overseen by IJGlobal, a respected source of news, data and analysis, the IJGlobal ESG Awards celebrate the organizations, transactions and individuals that have helped turn the dial on the ESG front in international infrastructure and energy finance.
This innovative deal represents one of the largest ever acquisitions of a non-conventional renewables platform in Latin America1. The October 2022 transaction enabled GIP, a leading global renewables franchise, to acquire Atlas Renewable Energy, the second largest independent renewables developer in Latin America.2
Partially financed by a US$375 million acquisition term loan and a US$150 million revolving credit facility, this transaction represents GIP’s largest investment in Latin America. With the loan structure taking into account solar assets in multiple jurisdictions and regulatory environments, Scotiabank served as Green Loan Coordinator, Joint Lead Arranger, Lender, Issuing Bank, Hedge Provider, Mexico and Chile Onshore Collateral and Account Bank, providing technical review of project details, implementing the designated facility and delivering a variety of services and products to support the transaction.
Ultimately, this renewable energy transaction, which was completed despite a shifting macroeconomic and political backdrop in Latin America, earned industry-wide notice for supporting inclusive development, generating employment, and supporting increased access to reliable clean energy in Latin America. Scotiabank is proud to have contributed its experience and expertise across sustainable finance, lending, interest rate hedging, account banking, collateral agency, and local banking services across Brazil, Chile, Mexico, and Uruguay to support GIP in closing this award-winning acquisition.
US$525,000,000
5-yr Senior Secured Green Loans
Joint Lead Arranger, Lender, Issuing Bank, Green Loan Coordinator, Hedge Provider, Mexico and Chile Onshore Collateral and Account Bank
October 2022
