Clifford Chance advises Pelicano Solar on bridge facility and subsequent private placement of US$129 million senior secured notes

Clifford Chance advises Pelicano Solar on bridge facility and subsequent private placement of US$129 million senior secured notes

2026-10-27

27 October 2026

• Fabricio Longhin (He/Him), Alejandro Leon, Cristian Ragucci, Genevieve McCarthy
• Washington, DC, New York

Clifford Chance advises Pelicano Solar on bridge facility and subsequent private placement of US$129 million senior secured notes

Global law firm Clifford Chance has advised El Pelicano Solar Company SpA, a subsidiary of Actis, on the financing of its 110MW solar facility and adjacent battery energy storage system located in La Higuera, Chile.

The transaction comprised two phases: (i) El Pelicano Solar Company SpA entered into a bridge facility agreement with BNP Paribas, as lender and administrative agent, and BNP Paribas Securities Corp., as mandated lead arranger, which closed on July 1, 2026; and

(ii) the bridge loan was subsequently refinanced on October 6, 2026 through the issuance and sale of US$129.58 million principal amount of 7.578% Senior Secured Notes due December 31, 2044, issued by El Pelicano Solar Company SpA. The notes were sold to investors in reliance on the exemption from registration provided in Section 4(a)(2) of the Securities Act. This transaction marked the first capital markets financing of a single-asset battery storage project in Chile.

The proceeds of the bridge facility and the notes were used, among other things, to fund the development, construction and completion of an 82MWp, four-hour battery energy storage system adjacent to the solar facility.

The team was led from Washington, DC by partner Fabricio Longhin, with support from associates Alejandro León, Cristian Ragucci and Genevieve McCarthy.