Norton Rose Fulbright advises banks in US$600 million credit facility to CODELCO

Global law firm Norton Rose Fulbright represented Hongkong Shanghai Banking Corporation (HSBC) and Banco Santander, S.A. on a US$600 million credit facility extended to Corporación Nacional del Cobre de Chile (CODELCO). The facility is guaranteed by the Multilateral Investment Guarantee Agency (MIGA).

The transaction, which closed on December 30, 2025, will support CODELCO's plan to achieve a 100 percent renewable energy mix by 2030. The proceeds will be used to renew power purchase agreements with renewable energy sources.

CODELCO's transition began in 2018 and has already reached milestones such as the signing and renegotiation of power purchase agreements with Engie, Colbún and AES Andes. CODELCO accounts for approximately nine percent of Chile's electricity consumption.

Norton Rose Fulbright's deal team was led by José Cobeña and included Juliana Liano Souza (São Paulo).