Total Debt Raise Includes US$710 Million Bond Offering and US$1.05 Billion Bank Debt Package
SINGAPORE and SANTIAGO, CHILE – December 10, 2020: EnfraGen Energía Sur, S.A.U., Prime Energía SpA, and EnfraGen Spain, S.A.U., (the “Issuers”) announced today that they will issue US$710 million 5.375% senior secured notes (the “Notes”) on December 17, 2020 pursuant to a Rule 144A/Regulation S transaction. The Notes mature in 2030 and pay an interest rate of 5.375%. The Issuers are indirect subsidiaries of EnfraGen, LLC (“EnfraGen”), a developer, owner, and operator of grid stability and renewable energy infrastructure businesses in Latin America.
The primary use of proceeds from the Notes, combined with a pari passu US$1.05 billion bank debt package for a total of US$1.76 Billion, will be to refinance the Issuers’ existing debt portfolio and to fully fund near-term growth projects as part of EnfraGen’s broader strategy to fund multiple growth initiatives and optimize its capital structure.
Brendan Duval, CEO of EnfraGen and Founding Managing Partner of Glenfarne Group said, “EnfraGen has evolved substantially over the past several years reflecting the growing need to enhance and stabilize electricity grids to support the energy transition process across the investment-grade Americas. The investor appetite for this refinancing package underscores the success of the focused and accretive growth strategy EnfraGen has pursued since inception. We expect to use this enhanced access to capital to further scale the business across our key markets in Latin America where we see significant growth potential.”
Ed Diffendal, Managing Director, Private Infrastructure Americas, Partners Group and EnfraGen Board Member added, “This business enjoys a robust pipeline of accretive opportunities throughout Latin America. With our continued active management and enhanced resources enabling us to implement transformational value creation initiatives, we can achieve the maximum growth potential of the business.”
Formed in 2015, EnfraGen has grown to become one of the leading businesses in Latin America focusing on grid stability and value-added renewable assets that support the energy transition process. The portfolio has assets across Chile, Colombia, and Panama with a combined installed capacity of 1.4 GW and reaches 2.0 GW considering growth initiatives in development.
JP Morgan and Scotiabank acted as global coordinators with BNP Paribas, Intesa Sanpaolo, Mizuho, MUFG, SMBC, and Société Générale as joint bookrunners. Paul Hastings acted as legal advisor for EnfraGen, and Milbank represented the financial institutions.
Disclaimer: This is not an offer of securities for sale in the United States. Securities may not be offered or sold in the United States absent registration or an exemption from registration, and any public offering of securities to be made in the United States will be made by means of a prospectus that may be obtained from the issuers and will contain detailed information about the company and management, as well as financial statements.
About EnfraGen, LLC
EnfraGen is a developer, owner, and operator of grid stability and value-added renewable energy infrastructure businesses across Latin American investment-grade countries. EnfraGen’s grid stability assets supply flexible capacity and energy to local and regional grids in support of renewable power plant intermittent energy production. EnfraGen’s renewable plants are smaller scale, distributed solar photovoltaic and hydroelectric assets that take advantage of unique access points to electrical infrastructure or are located in optimized geographical locations. The business’ mission is to support the transition to zero-carbon emission electric grids.
EnfraGen is jointly controlled by Glenfarne Group, LLC and global private markets investment manager Partners Group, on behalf of its clients, and has operational and in-construction assets across its subsidiaries totaling over 1.4 GW of installed capacity. The company, including its affiliates and subsidiaries, is supported by a team of approximately 275 professionals. EnfraGen maintains offices and assets in Chile, Panama, Colombia, and the United States.
About Glenfarne Group
Glenfarne is a privately held energy and infrastructure development and management firm based in New York City and Houston, Texas with offices in Panama City, Panama; Santiago, Chile and Bogota, Colombia. Glenfarne’s seasoned executives, asset managers and operators develop, acquire, manage and operate energy and infrastructure assets throughout North and South America and Asia. For more information, please visit www.glenfarnegroup.com.
About Partners Group
Partners Group is a leading global private markets investment manager. Since 1996, the firm has invested over USD 135 billion in private equity, private real estate, private debt and private infrastructure on behalf of its clients globally. Partners Group is a committed, responsible investor and aims to create broad stakeholder impact through its active ownership and development of growing businesses, attractive real estate and essential infrastructure. With over USD 96 billion in assets under management as of 30 June 2020, Partners Group serves a broad range of institutional investors, sovereign wealth funds, family offices and private individuals globally. The firm employs more than 1,500 diverse professionals across 20 offices worldwide and has regional headquarters in Baar-Zug, Switzerland; Denver, USA; and Singapore. It has been listed on the SIX Swiss Exchange since 2006 (symbol: PGHN). For more information, please visit www.partnersgroup.com or follow us on LinkedIn or Twitter.