The Banking, Finance and Capital Markets team at Alemán, Cordero, Galindo & Lee recently advised Banco General S.A., as arranger and administrative agent, in connection with the structuring and registration of a US$235,000,000.00 corporate bonds issuance by Electron Investment, S.A. (EISA), a Panamanian company, as well as its public offering.
EISA will use the funds raised to return the capital invested by its shareholders and to pay the interests and principal debt of the syndicated and subordinated loans that were used to finance the construction of the hydroelectric plants Pando and Monte Lirio.
The project comprises a hydroelectric power development on the Chiriquí Viejo River in Western Panama and involves the construction of two run-of-river hydroelectric power plants. The project is expected to produce on average approximately 430 GWh per annum.
The Alcogal team, Panama energy lawyers, was led by partner Arturo Gerbaud and associates Rafael Marquinez and Rita de la Guardia, who were responsible for drafting the core documents of the transaction, including but not limited to the corporate bonds, guarantees (trust agreements, real property mortgage, personal property mortgage, assignments, etc.) and all the ancillary documents, and for registering the corporate bonds issuance before the Superintendency of the Securities Market of the Republic of Panama.
About Electron Investment, S.A.
EISA is the Promoter of the Monte Lirio and Pando Hydroelectric Projects.
Monte Lirio Project
Monte Lirio started electricity generation operations in October 2014, with a production capacity of 51.6MW.
The Monte Lirio project has the following characteristics:
- Straight gravity dam
- Installed Capacity: 51.6 MW
- Firm Capacity: 32.4 MW
- Number of Generators: 3 Pelton
- Design flow: 21 m3
- Height of Dam: 18 meters
- Length of Dam: 76 meters
- Tunnel Length: 8.11 Km
Pando is in the final phase of construction, which will have a production capacity of 33.3 MW.
The Pando project has the following characteristics:
- Curved plant gravity dam and intake work
- Forced piping for 14.5 m3 / s and net jump 256 m.
- Firm Capacity: 25.1 MW
- Number of Generators: 2 Pelton
- Design flow: 14.5 m3
- Height of Dam: 25 meters
- Length of Dam: 167 meters
- Tunnel Length: 5.04 Km
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