BlackRock’s $200 Million Investments in photovoltaic projects in Chile

Milbank and Carey advised BlackRock on the transaction.
Guerrero Olivos advised Solek, and Prieto Abogados acted as counsel to Tralka. White & Case advised Solek Latam Holding SpA, a Chilean subsidiary of Solek Holding SE.

Asset manager BlackRock, through its Global Renewable Power III (GRP III) fund, executed the acquisition of a portfolio of 18 PMGD PV projects (the largest operating portfolio of PMGD projects in Chile) from private investment fund Tralka Energías Renovables with a total capacity of 80 MW, as well as in its partnership with Solek Holdings SE (Solek Group) for the construction and acquisition of a portfolio of up to 28 PMGD PV projects with a total capacity of up to 200 MW, and in a portfolio management services agreement with Aediles Capital Inc., who will manage GRP III’s PMGD/PMG portfolio in Chile which is projected to total up to 435 MW of capacity through an investment of up to $200 million US dollars, making it one of the largest distributed energy portfolios in the country.

The Solek Group is a leading renewable energy group of companies with a focus on solar energy. The company is headquartered in Prague and has built power plants in five countries in Europe and South America. 

Milbank advised BlackRock with a team including Bill Bice, Joe Folds, Katherine Hannah and Mimi Powell.

In Chile, Carey advised BlackRock with Pablo Iacobelli (Picture), Juan Francisco Mackenna and Juan Pablo Stitchkin, Sophia Bobadilla, Carenmaría Poblete and Jaime Coutts.

Guerrero Olivos advised Solek with a team including Sebastián Abogabir, Felipe Fruhling and Benjamín Novoa.

Prieto Abogados advised Tralka with a team including Federico Rodríguez and Andrés Maldini.

The White & Case team was led by partners Thomas Pate (New York) and Rodrigo Dominguez (Houston), and included associate Luisa Muskus (Houston).

Involved fees earner: Sophia Bobadilla – Carey; Jaime Coutts – Carey; Pablo Iacobelli – Carey; Juan Francisco Mackenna – Carey; Carenmaria Poblete – Carey; Juan Pablo Stitchkin – Carey; Sebastián Abogabir Méndez – Guerrero Olivos; Felipe Fruhling Knapp – Guerrero Olivos; Benjamín Novoa Mackenna – Guerrero Olivos; William Bice – Milbank LLP; Joseph Folds – Milbank LLP; Katherine Hannah – Milbank LLP; Mary Powell – Milbank LLP; Andrés Maldini – Prieto; Federico Rodríguez – Prieto; Rodrigo Dominguez Sotomayor – White & Case; Luisa Muskus – White & Case; Thomas Pate – White & Case;

Law Firms: Carey; Guerrero Olivos; Milbank LLP; Prieto; White & Case;

Clients: BlackRock; Solek Chile Holdings SpA; Tralka Energías Renovables;

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Author: Ambrogio Visconti