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Whitecase
Full Credential Description
Global law firm White Case LLP advised Mainstream Renewable Power, a pure-play renewable energy company, on a complex cross-border restructuring transaction. The client faced significant challenges, including approximately US$1.5 billion in liabilities and ongoing restructuring and insolvency proceedings across multiple jurisdictions, including the US, Chile, Ireland, and Spain. These issues threatened the completion and operation of critical wind and solar projects essential to the Chilean power grid. To address these challenges, White Case implemented a tailored solution that involved restructuring project-level debt across various wind and solar projects in Chile, as well as mezzanine finance debt owed by upstream entities in Ireland and Spain. The restructuring was funded by a US$145 million new money investment from the equity sponsor, alongside a corporate financing facility from DNB Bank of up to US$220 million, contingent on certain . The project finance lenders agreed to restructure and extend their facilities, while mezzanine lenders restructured their debt and received a minority equity interest in the Andes Renovables platform. Importantly, Mainstream retained majority and controlling equity ownership throughout the process. The successful execution of this restructuring culminated in a global release agreement that resolved all claims related to pre-closing debt and ongoing insolvency litigation. This strategic approach not only stabilized Mainstreams financial position but also ensured the continuation of vital renewable energy projects, thereby reinforcing the infrastructure of the Chilean power grid.