BLP has advised IDB Invest, the private arm of the Inter-American Development Group, on an important financing project in El Salvador. As administrator to the Canadian Climate Fund for the Private Sector in the Americas, IDB Invest has agreed to grant loans to Capella Solar S.A. de C.V. and Providencia Solar S.A. de C.V. – both affiliates of Neoen, the project’s Sponsor- to finance existing and new battery energy storage systems (BESS) of up to 14.375 MW/9.83 MWh in aggregate. As counsel for IDB Invest, BLP collaborated in the drafting and review of the overall transactional documents, and amendments to local securities under Salvadoran law.
Capella Solar and Providencia Solar provide significant renewable energy resources in El Salvador. As a result of this funding achievement, the enhanced battery storage systems will contribute towards securing energy efficiency and cost savings.