Generación Mediterránea’s AR$ 130,000,000 Series IV Notes Issuance
Legal counsel to Generación Mediterránea S.A, as issuer of its AR$ 130,000,000 Series IV Notes under the USD 100,000,000 Global Notes Programme. Banco Macro S.A. and Macro Securities S.A., respectively, acted as arranger and placement agent. (2015)
News in Argentina’s wholesale electricity market
Increase in compensation for power generation companies. Rates introduced for renewable energy sources. Trust fund (FONINVEMEM) 2015-2018
On July 17th, 2015, Resolution No. 482/15 by the Secretary of Energy was published. Pursuant to this resolution:
- New compensation rates for power generation companies effective as from February 2015 were approved. These rates comprise several items, including fixed costs, variable non-fuel costs, additional compensation, non-recurrent maintenance, fixed costs according to capacity availability. Compensation for wind, PV, biomass, biogas and urban solid waste powered facilities were set out for the first time.
- A new compensation item referred to as Investment Resources is introduced as from February 2015 and until December 2018. Such resources will be allocated to generation companies taking part in projects approved by the Secretary of Energy.
- CAMMESA will transfer the Investment Resources to power generation companies with approved projects once supply and constructions contracts are executed.
- A specific compensation item is introduced to be paid to power generation companies undertaking projects using the Investment Resources. This compensation will be paid as from the start of commercial operation of the projects and through a maximum period of ten years.
- Incentives for an increase in productivity and efficiency targeted at thermal generation companies is introduced.
Province of Mendoza´s Series 2 Short-Term Treasury Notes Issuance. Class I AR$ 174,184,000, Class II AR$ 10,086,000 and Class III AR$ 13,642,000
Deal counsel in the issuance of the Province of Mendoza’s Series 2 Treasury Notes: Class I for AR$ 174,184,000; Class II for AR$ 10,086,000 and Class III for AR$ 13,642,000.
Banco de la Provincia de Buenos Aires acted as arranger and placement agent, while Puente Hnos. S.A. acted as co-arranger and co-placement agent.
“Compañía Argentina de Granos III (fideicomiso individual)” Financial Trust for AR$ 148,412,074
Deal counsel in the issuance and placement in Argentina of trust securities for AR$ 148,412,074 issued under the “Compañía Argentina de Granos III (fideicomiso individual)” Financial Trust, in which Banco Supervielle S.A. acted as arranger and placement agent, TMF Trust Company (Argentina) S.A. acted as financial trustee and Compañía Argentina de Granos S.A. acted as trustor and servicer. (2015)
Nicolás Eliaschev joins TRSM
TRSM announces that Nicolás Eliaschev has joined the Firm, effective from, June 8, as a partner in charge of its Departments of Energy and Natural Resources and Administrative Law.
Nicolás received a Law degree from the University of Buenos Aires and holds an MSc Public Policy degree from the London School of Economics. He specializes in Administrative Law and has more than ten years of experience advising on electricity and renewable energy matters, as well as on other industries and infrastructures, including oil and gas, ports, airports, roads and highways.
Nicolás has participated in the structuring of various projects, including combined cycle power plants, biomass fired power facilities, wind farms, distributed energy facilities and natural gas pipeline expansions.
He has also represented wholesale electricity and natural gas consumers in their dealings with suppliers and regulators and has assisted electricity companies in cross-border power purchase agreements. Mr. Eliaschev has also taken part in the acquisition and sale of companies and assets related to the port, airport and energy industries and has provided day-to-day advice to industrial, commercial and services companies in their relationship with governments and regulators.
Currently, Nicolás’ practice includes a strong presence in the renewable energy market, in which he delivers advice to developers, financial institutions and investors with respect to wind, solar and hydropower projects. He also advises public entities interested in the development of this industry.
Furthermore, Nicolás advises companies in the thermoelectric generation industry as well as wholesale electricity and natural gas consumers (both industrial and commercial) of electric energy and gas, petrochemical and telecommunications companies, within its practice areas.
In addition, he lectures Administrative Law and Energy Regulation at both undergraduate and postgraduate courses at the Universities of Buenos Aires, San Andrés and Austral, among other institutions and has published several articles about his practice areas.
Nicolás has been distinguished since 2010 to the present as one of the leading Argentine lawyers in Energy and Natural Resources by prestigious legal publications Chambers Latin America and Legal 500.
By leading the Energy and Natural Resources and Administrative Law Departments of Tavarone, Rovelli, Salim & Miani, Nicolás will develop the many synergies he has in common with the rest of its partners, who during the last years have developed an outstanding practice of infrastructure financing. His Administrative Law expertise will complement with the other areas of the Firm, which include Tax and Customs Law, Litigation, Mergers and Acquisitions and Corporate Advice.
Tavarone, Rovelli, Salim & Miani is proud to announce this important development and is convinced that its Departments of Energy and Natural Resources and Administrative Law will also be a reference for leading companies in Argentina and investors from abroad, seeking to do business in the country.
Province of Chubut’s $ 200,000,000 Series XIV Treasury Notes Issuance
Legal counsel to Banco del Chubut S.A., as arranger, placement agent and financial agent, in the issuance of the Province of Chubut’s $200,000,000 Series XIV Short Term Treasury Notes, under the U$S200,000,000 Short Term Treasury Notes Program. Puente Hnos. S.A. acted as co-arranger and co-placement agent. (2015)
AR$ 75 million syndicated financial loan granted to Energía San Juan
Legal counsel to Banco de Servicios y Transacciones S.A., Banco Itaú Argentina S.A., Banco de la Ciudad de Buenos Aires, Banco de San Juan S.A., Banco Provincia del Neuquén S.A., Banco Supervielle S.A. y Banco Comafi S.A., as lenders in a syndicated financial loan granted to Energía San Juan S.A. for an aggregate of AR$ 17,000,000. (2015)
Credimas Serie 23” Financial Trust for AR$ 68 million
Deal counsel in the issuance and placement in Argentina of trust securities for AR $ 68,000,000 issued under the “Credimas Serie 23” Financial Trust, in which Banco Supervielle S.A. acted as arranger and placement agent, TMF Trust Company (Argentina) S.A. acted as financial trustee and Credimas S.A. acted as trustor, servicing and custody agent.(2015)
MSU’s Series IV Notes Issuance
Legal Counsel to the Arrangers and Placement Agents: BACS, Banco Hipotecario and INTL CIBSA
Legal counsel to BACS Banco de Crédito y Securitización S.A., Banco Hipotecario S.A. and INTL CIBSA S.A., as arrangers and placement agents in the issuance of MSU S.A.’s Series IV Notes in two classes for U$S 1,410,000 and $ 76,895,962, respectively, under the $50,000,000 Global Notes Programme. (2015)
Province of Entre Ríos´ AR$ 300,000,000 Series I Notes Issuance
Deutsche Bank S.A.´s (as Guarantee Trustee) counsel in the issuance of the Province of Entre Ríos´ AR$ 300,000,000 Treasury Notes.
Nuevo Banco de Entre Ríos S.A. and Puente Hnos. S.A. acted as placement agents.