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…
Tag Archives: El Salvador
BLP has advised NEDERLANDSE FINANCIERINGS-MAATSCHAPPIJ VOOR ONTWIKKELINGSLANDEN N.V. (“FMO”) on its $60 million funding alongside BANCO LA HIPOTECARIA, S.A. (Panama) y LA HIPOTECARIA, S.A. DE C.V. (El Salvador). BLP’s role was to advise FMO in the review of the facility agreement under local law and execution thereof, the preparation of all documentation, and the planning, negotiation,…
BLP advised the seller, Grupo Orbis (Pintuco), on this regionally impactful transaction employing attorneys from each of our offices in Costa Rica, Nicaragua, Honduras, El Salvador, and Guatemala, as well as coordinating with lawyers in Panama. Besides conducting due diligence in the jurisdictions of Central America, BLP also analyzed the competition in each of the countries and if required…
On July 6, 2021, the Minimum Wage National Council approved the respective decrees to increase the minimum wage for all sectors of the economy including commerce, services, industry, textile maquilas, agroindustry, and agriculture. The decrees were submitted to the Executive Branch for final approval and publication in the Official Gazette. According to governmental authorities, the…
BLP has advised its client Inversiones Financieras Grupo Azul, S.A (“IFGA”) on the acquisition of the shares of Banco G&T Continental El Salvador, S.A. and its subsidiary G&T Continental, S.A. de C.V., Casa de Corredores de Bolsa. BLP’s advice included: Everything related to the due diligence process on the target. The structuring of the transaction….
The project involves the purchase and conversion of a liquified natural gas (“LNG”) carrier to a Floating Storage and Regasification Unit (“FSRU”). The FSRU will be permanently moored at the port of Acajutla in Sonsonate, El Salvador, to provide liquified natural gas regasification services to Energia del Pacifico Limitada de C.V. (“EDP”), a 378-megawatt combined…
By Decree, the Tax Administration updated the income tax amounts and credits for: dependent personal work, retirement or pension, or other remunerations; legal entities; and natural persons with lucrative activities, as detailed below: Income Tax for dependent personal work, retirement or pension, or other remunerations (salary tax) Amount Tax Up to ¢842.000,00 Exempt Over the…
Labor Transitional provisions to protect employees with underlying medical conditions vulnerable to Covid-19 On November 19, 2020, the Legislative Assembly enacted transitional provisions to protect employees with underlying medical conditions vulnerable to Covid-19 (“Transitional Provisions”). These provisions extend a decree enacted in September 2020 which was in force until October 23, 2020. Scope of application: The…
On August 25, 2020, IDB Invest granted BAC in El Salvador a senior unsecured 5-year loan for $60 million. BLP’s Banking and Finance team led by Mariana Nochez and Hunton Andrews Kurth (Washington DC) advised the lender. BAC will use the loan proceeds for the Mujer Acelera (Woman Accelerates) program. This is an initiative created in 2007…
During the development of the COVID-19 pandemic, in El Salvador, as in many countries, there have been moments of uncertainty, coupled with strict containment measures that have limited our circulation almost entirely. Regulations were issued that limited economic activity since most economical items were not allowed to continue providing services, and only businesses that were…
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