Felipe Moro
Partnerfmoro@carey.cl
+56 2 2928 2231
Partner of Carey and co-head of the firm’s Banking and Finance Group. His practice focuses primarily on lending transactions, project financing, structured products and derivative transactions. He also has a vast experience in the area of mergers and acquisitions.
REPRESENTATIVE EXPERIENCE
- Mainstream Renewable Power on the implementation of the financial restructuring for USD1.6 billion, of its portfolios of non-conventional renewable energy (NCRE) projects "Huemul" (630MW), "Cóndor" (591 MW) and "Copihue" (148.5 MW), financed under a project finance structure with several banks syndicates and the renegotiation of a mezzanine financing granted in connection thereto, as part of the Chilean reorganization processes initiated by Cóndor Energía and Huemul Energía, and under the Chapter 11 process initiated in the United States against certain affiliates of MRP by one of its creditors.
- Pan American Silver on the acquisition of all of the issued and outstanding common shares of Yamana Gold for USD4.8 billion. The operation included, among others, the El Peñón and Minera Florida mining projects in Chile, and the granting of securities for the amendment of an existing credit agreement with Canadian financial institutions.
- Inter-American Investment Corporation, International Finance Corporation and Banco del Estado de Chile on long-term financings for up to USD346 million granted to Suministradora de Buses K Cuatro, a company in charge of supplying 992 electric buses in Santiago, San Bernardo and Puente Alto, Chile.
- BlackRock on the refinancing of part of the debt it held with Banco Security and the structuring of a project finance for a portfolio of 20 PMGD projects.
- IFC and DEG, as lenders, on a USD350 and USD50 million financing, respectively, to Engie Energía Chile to implement a decarbonization plan, to switch from fossil fuel to non-conventional renewable energy sources and to install a new BESS energy storage system.
- DNB Bank, as senior lender, on a financing granted to Obton Solenergy Lamar Chile, affiliate of Obton Solenergi Lamar, for the development and construction of a portfolio of PMGD and PMG projects in Chile.
- SUSI Partners, a Swiss-based investment manager specialized in sustainable energy infrastructure investments, on a financing obtained by SETF Energías Renovables, a SUSI affiliate, from BCI, Miami Branch and DNB Bank, for the acquisition, construction, development and operation of a 107 MW Chilean portfolio of PMGD projects.
- Sociedad de Transmisión Austral (STA), a member of the SAESA group and one of Chile’s largest power transmission companies, on the issuance and placement of a USD390 million green unsecured bond offering under Rule 144A/Reg. S, at a 4.00% rate and due 2032. The proceeds will be used to finance STA's capital expenditures related to green projects, refinancing of intercompany loans and general corporate purposes.
- Scotiabank on the acquisition of the control of BBVA Chile for USD2.2 billion from Banco Bilbao Vizcaya Argentaria, on the mandatory tender offer process for up to 100% of the shares of BBVA Chile, and the further merger of BBVA into Scotiabank Chile, resulting in the latter becoming the third largest private bank in Chile. The acquisition and the following merger required regulatory approvals in Chile (SBIF, CMF and FNE) and Canada.
- Inter-American Development Bank, United States International Development Finance Corporation (former Overseas Private Investment Corporation), International Finance Corporation, Itaú Corpbanca and its New York branch, BCI, Banco del Estado de Chile, DNB Bank, KfW-IPEX Bank and others, as part of the senior lender group, on the third financial restructuring of the 531MW Alto Maipo hydroelectric project in Chile, which involved the renegotiation and amendment of the terms and conditions of the current financing of the project, within the insolvency process under Chapter 11 of the United States Bankruptcy Law estimated at more than USD3 billion.
- OPDEnergy, through its subsidiary OPDEnergy Generación, on the borrower's due diligence process and subsequent financing for approx. USD103 million granted by Sumitomo Mitsui Banking Corporation (senior loan) and Banco Security (VAT loan), for the development and construction of two NCRE projects, consisting of the PV solar plant Sol de Los Andes of 104.3 MWp and La Estrella wind farm of 50MW, that serve the 2015/1 Tender PPAs with the electricity distribution companies.
- The Bank of Nova Scotia and Scotiabank Chile on the negotiation of a 15-year business alliance with Cencosud, Cencosud Retail and other subsidiaries to develop the consumer credit business in Chile. Additionally, Scotiabank Chile granted a loan for up to USD3 billion to Cencosud.
- Teck Resources on a loan agreement for USD2.5 billion to finance the copper project Quebrada Blanca Phase 2. The credit was granted by Japan Bank for International Cooperation, Export Development Canada, Bank of Exports and Imports of Korea, KFW IPEX-Bank, Bank of Montreal, BNP Paribas, ING Bank, Mizuho Bank, MUFG Bank and Sumitomo Banking Corporation.
AWARDS AND RECOGNITIONS
- Recognized in Banking & Finance and Projects, Chambers Latin America.
- Recognized in Banking & Finance, Legal 500.
- Recognized in Banking & Finance; Project Finance and Infrastructure and Capital Markets, Latin Lawyer 250.
- Recognized in Banking & Finance, Project Finance and Capital Markets: Debt, IFLR1000.
- Recognized in Banking and Finance and Project Finance, Lexology Index.
- Recognized in Banking and Finance, LACCA.
- Recognized in Structured Finance, Banking and Finance, Capital Markets, Investment, Project Finance and Development, Best Lawyers.
- Recognized in Project Finance and Banking and Finance, Leaders League.
- Recognized in Banking and Finance and Projects, Top Ranked Legal.
- Named Lawyer of the Year in Banking and Finance (2023), Best Lawyers.
- Named Best Individual Lawyer in Project Financing (2020) and Projects & Procurement (2022), Client Choice.
ACTIVITIES AND MEMBERSHIPS
- Professor, Master of Business Law, Universidad de los Andes (2014-2015).
- Foreign Associate, Finance Group, Shearman & Sterling (2005-2006).
- Assistant Professor of Securities Market Law, Universidad de Chile (2004).
- Professor of Introduction to Law, School of Administration, Universidad del Desarrollo (2002).
PUBLICATIONS
- Co-author of Banking Regulation in Chile, Practical Law, Thomson Reuters (2020, 2021, 2024).
- Co-author of the chapters on the regulators of the Chilean financial sector: The Financial Market Commission, Superintendency of Pensions and Central Bank, Latin Lawyer Regulators (2020-2021).
- Co-author of the article "Mind the Gap: Basel III and its Implementation in Chile", Butterworths Journal of International Banking and Financial Law (2016).
- Author of "Developments in the Financial Markets", IFLR (2010).
- Author of "Public Offering of Securities", Diario Estrategia, Chile (2003).
- Author of "Development of Corporate Governance in Chile: Public or Private Role?", Diario Estrategia, Chile (2003).
- Author of "Ethics, a Sound Business", Interview, Revista Capital, Chile (2002).
- Author of "Discussion about the Derivative Action in Chile", Latin Lawyer Online (2001).
EDUCATION
- Law, Universidad Católica de Chile.
- Graduate studies, School of Economy and Administration, Universidad de Chile (2000).
- LL.M., The University of Chicago (2005).
ADMISSIONS
- Chile (2000).
LANGUAGES
- Spanish.
- English.
