Polaris acquires Generación Andina
Polaris Infrastructure announced that it closed the acquisition of 100% of the issued and outstanding shares of Union Energy Group Corp. (“UEG”).
UEG is an owner and developer of run-of-river hydro projects located in Peru. As part of the UEG acquisition, Polaris Infrastructure has acquired the following assets:
Canchayllo – a 5 MW project in operation since 2015;
Generación Andina projects – two projects in the late stages of construction totalling 28 MW of generating capacity (El Carmen and 8 de Agosto)
Karpa – a 20 MW project with a power purchase agreement in place, as well as;
Portfolio of early stage development projects aggregating to approximately 189 MW.
We are very pleased to have completed this transaction” stated Marc Murnaghan, Chief Executive Officer of Polaris Infrastructure, “which we expect will provide numerous benefits to the Company and its shareholders.”
In connection with the Polaris acquisition, Becker, Glynn, Muffly, Chassin & Hosinski LLP advised on certain aspects of the transaction, doing work related to restructuring an existing financing of a UEG subsidiary involved in the Generación Andina projects. The firm acted as New York international transaction counsel to Nederlandse Financierings-Maatschappij voor Ontwikkelingslanden N.V. (“FMO”) and DEG – Deutsche Investitions- und Entwicklungsgesellschaft mbH (“DEG” and, together with FMO, the “Lenders”) and DEG as Agent in connection with financing that the Lenders had extended in 2015 to Generación Andina S.A.C., a project company controlled by UEG (the “Financing”).
Becker Glynn continued to represent FMO and DEG regarding the Financing and assisted with the negotiation and documentation of the restructuring of the Financing. The team consisted of Partner Peter Hosinski and Counsel Andrea Marquez-Bottome, with assistance from Foreign Associate Eduardo Kappel and Associate Matias Sueldo.