11 March, 2021 Colombia

Enfragen Energía Sur’s Acquisition of Termovalle S.A.S.

Corporate / M&A

Philippi Prietocarrizosa Ferrero DU & Uría acted as counsel to Juneau Business Inc., Termovalle Investment Ltd. Simpson Thacher & Barlett acted as New York counsel to the sellers, while ARIFA, as Panama counsel to the sellers, and Richards, Layton & Finger, as Delaware counsels to the sellers. Paul Hastings LLP acted as US counsel to the buyer, while Gómez Pinzón Abogados, as Colombian counsel to the buyer.

Juneau Business Inc., Termovalle Investment Ltd., Altra Private Equity Fund II, LP., Altra Private Equity Fund II-A, LP., Fondo de Capital Privado Altra FCP II and Altra Investments II GP, Inc. executed the sale of 100% of Termovalle S.A.S. Empresa de Servicios Públicos equity interests in favor of Enfragen Energía Sur.

With an installed capacity of 241 MW, the acquisition brings EnfraGen’s portfolio of operating and in-construction power assets to a combined capacity of approximately 1.7 GW. Following the acquisition, Termovalle will be renamed Prime Termovalle S.A.S. E.S.P.

Termovalle is the most efficient gas-fired plant in Colombia and benefits from dual-fuel technology. Located in Palmira, Termovalle provides essential capacity and energy to the Colombian electrical system and is strategically located to benefit from the planned LNG import terminal proposed by the Colombian government.

EnfraGen, LLC is a developer, owner, and operator of grid stability and value-added renewable power and assets in Latin America, jointly owned by Glenfarne Group and Partners Group. EnfraGen operates its grid stability portfolio in Colombia under the brand name Prime Energía, which also includes the 610 MW Termoflores natural gas-fired plant in Barranquilla acquired in 2019.

BNP Paribas acted as financial advisor to the sellers.

Philippi Prietocarrizosa Ferrero DU & Uría’s team inlcuded Partner Hernando Padilla, Associates Alejandro Medina, Ximena González, and Santiago Fuquen.

Simpson Thacher & Barlett’s team inlcuded Partners Todd Crider and Sophie Staples, and Associates Borja Marcos, Josh Bernard and Laura Ribero.

Paul Hastings’ team was led by Partners Robert W. Leung, Mike Huang, and included Associate Jason Hill.

Gomez Pinzón Abogados’ team was led by Partners Andres Hoyos (RIP), and Juan David Quintero, with Associates Alejandro Fonseca, Alvaro Rueda, and Mariana Mattos.

ARIFA’s team included Associate Rogelio Fernández.

Richards, Layton & Finger’s team included Associates Laura Dietrich and Elisa Erlenbach.

Involved fees earner: Rogelio Fernández – Arias Fabrega & Fabrega; Andrés Hoyos Ramírez – Gómez-Pinzón; Mariana Mattos Guzmán – Gómez-Pinzón; Juan David Quintero Sánchez – Gómez-Pinzón; Alvaro Rueda Cotes – Gómez-Pinzón; Jason Hill – Paul Hastings; Mike Huang – Paul Hastings; Robert Leung – Paul Hastings; Santiago Fuquen – Philippi Prietocarrizosa Ferrero DU & Uría; Ximena González Cardozo – Philippi Prietocarrizosa Ferrero DU & Uría; Alejandro Medina Benavides – Philippi Prietocarrizosa Ferrero DU & Uría; Hernando Padilla – Philippi Prietocarrizosa Ferrero DU & Uría; Laura Dietrich – Richards, Layton & Finger; Elisa Erlenbach Maas – Richards, Layton & Finger; Joshua Bernard – Simpson Thacher & Bartlett; Todd Crider – Simpson Thacher & Bartlett; Borja Marcos – Simpson Thacher & Bartlett; Laura Ribero – Simpson Thacher & Bartlett; Sophie Staples – Simpson Thacher & Bartlett;

Law Firms: Arias Fabrega & Fabrega; Gómez-Pinzón; Paul Hastings; Philippi Prietocarrizosa Ferrero DU & Uría; Richards, Layton & Finger; Simpson Thacher & Bartlett;

Clients: Altra Investments II GP; Altra Private Equity Fund II; Altra Private Equity Fund II-A; Enfragen Energía Sur; Fondo de Capital Privado Altra FCP II; Juneau Business; Termovalle Investment;

Source: Global Legal Chronicle

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