Find Lawyers in Santiago, Chile for Project Finance and Development Practice
Practice Area Overview
The practice area of project finance and development relates to the regulation of the granting of financing to an entity that will have the special purpose of developing a new venture. In this type of financing, the financiers provide funds to such an entity for the construction and development of the project, having the right to collect on their claims to said entity, not being able, or limitedly being able, to pursue remedies against the sponsors or shareholders. Therefore, the viability of the project is particularly relevant for the financiers.
Given the particularities of project financing, in Chile there does not exist a body of law that regulates it systematically and, therefore, laws relating to loans, credit operations, and the granting of guarantees are especially pertinent. Closely related to the above are the norms that regulate construction contracts, the rights over the physical land in which the project is located, environmental permits, and laws related to the specific purpose of the project.
Lawyers in this practice area can advise both financiers and developers, in both cases providing their counsel principally on the following matters:
• Legal due diligence, which consists of the review of legal contingencies that may affect the project, both from a regulatory and contractual point of view. Of particular importance is the revision of the relevant project contracts such as construction contracts, supply contracts, sales contracts, and, in the case of public infrastructure, the bidding process.
• Preparation of the financing documents, which consists of the negotiation and drafting of the documents under which the financing will be granted for the completion of the project. In the credit agreement, in addition to the terms and conditions for the disbursement of the funds and their subsequent payment, other obligations and conditions are established that must be fulfilled during the contract’s lifespan. As well, an essential part of the financing documents are the security documents, including guarantees on physical assets, relevant contracts, and project accounts; guarantees that eventually may be granted by the sponsors; and, in general, the other agreements that allow the maintained unity of the project.
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El área de práctica del derecho del financiamiento y desarrollo de proyectos se relaciona con la regulación del otorgamiento de financiamiento a una entidad que tendrá como objeto especial desarrollar un nuevo emprendimiento. En este tipo de financiamiento los financistas proveen fondos a tal entidad para la construcción y desarrollo del proyecto, teniendo el derecho a cobrar sus acreencias a esta última, no pudiendo, o pudiendo solo limitadamente, dirigirse en contra de los patrocinadores (sponsors) o accionistas de la misma. Por lo tanto, resulta particularmente relevante para los financistas la viabilidad del proyecto.
Dadas las particularidades del financiamiento de proyectos, en Chile no existe un cuerpo legal que lo regule sistemáticamente y, por tanto, cobran especial relevancia las normas referidas a los préstamos, las operaciones de crédito de dinero y el otorgamiento de garantías. Estrechamente relacionadas a lo anterior, se encuentran las normas que regulan los contratos de construcción, los derechos sobre el espacio físico en que se ubica el proyecto, los permisos ambientales y las normas jurídicas relacionadas con el objeto específico del proyecto.
Los abogados de esta área de práctica pueden asesorar tanto a los financistas como a los desarrolladores, en ambos casos prestando su asesoría principalmente en las siguientes materias:
• Due diligence legal, que consiste en la revisión de contingencias legales que pudieren afectar al proyecto, tanto desde el punto de vista regulatorio como contractual. Es de particular importancia la revisión de los contratos relevantes del proyecto, tales como los contratos de construcción, contratos de suministro, contratos de ventas y, en los casos de obras públicas, el proceso de licitación; y
• Preparación de los documentos del financiamiento, que consiste en la negociación y redacción de los documentos bajo los cuales se otorgará el financiamiento para la realización del proyecto. En el contrato de financiamiento, además de los términos y condiciones para el desembolso de los fondos y para su posterior pago, se establecen las demás obligaciones y condiciones que se deberán cumplir durante la vida del mismo. Asimismo, parte esencial de los documentos del financiamiento son los contratos de garantías, entre los que destacan las garantías sobre los activos físicos, los contratos relevantes y las cuentas del proyecto, las garantías que eventualmente sean otorgadas por los patrocinadores y, en general, los demás acuerdos que permitan mantener la unidad del proyecto.
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Partner of Carey and co-head of the firm’s Natural Resources and Environmental Group. His professional practice is focused on water law, natural resources transactions and litigation, agribusiness, corporate law and commercial law. Additionally, he leads the Carey’s China Desk. Education Law, Universidad Católica de Chile. LL.M., University of Sydney, Australia (2005). Activities and Memberships Member of the Board of Aguas Nuevo Sur Maule. Member of the Board of the Chines...
Founding partner at Fleischmann & Román Abogados. Between 1997 and 2004 he worked in the law firm Aldunate y Cia., where he became partner of the firm. In 2005 he joined as a partner at Chadwick & Aldunate Abogados and, since 2012, he remained the main partner of Reymond & Fleischmann Abogados. In 2016 he founded Fleischmann & León Abogados, now Fleischmann & Román Abogados. He has specialized in civil and administrative law, domestic and international...
Roberto Guerrero is a member of the corporate and M&A area of Guerrero Olivos, and specializes in company law, mergers and acquisitions, financial and banking law, project financing and capital markets. He has been a lawyer since 1991. Roberto Guerrero V. graduated from Pontificia Universidad Católica de Chile School of Law. After a few years of private practice, he obtained a scholarship from the Inter-American Development Bank to study a master law degree at New York University. ...
Partner of Carey and co-head of the firm’s Energy Group. His practice area is focused on energy regulatory matters and various types of energy projects, including contracts for electricity, liquid fuels, natural gas, NCRE accreditations, electric transmission, gas transportation, engineering and construction of infrastructure projects, property and land use permits, environmental matters and litigation related to regulatory matters of the energy industry, and civil law. Education Law, U...
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. Education Law, Universidad Católica de Chile. Graduate studies, School of Economy and Administration, Universidad de Chile (2000). LL.M., The University of Chicago (2005). Activities and Memberships Professor, Master of...
University Studies Universidad de Chile, School of Law, 1996. Maximum Distinction. Admitted to practice by the Supreme Court of Justice, 1999. Post graduate Master of Laws (LL.M, with honours), Northwestern University, Chicago, Illinois, United States of America, 2001. Academic and Professional Activities Professor in Commercial Law Designated by an Open Competition Based on Records of Service and a Competitive Examination, School of Law, Universidad de Chile, 2016 to date. Professor in Comme...
University Studies Universidad de Chile, School of Law, 1973. Montenegro Prize for the best graduate of his year, 1973. James B. Conant High School, Hoffman Estates, Illinois, United States of America, 1968-1969. Admitted to practice by the Supreme Court of Justice, 1975. Academic and Professional Activities Professor in Commercial Law, School of Law, Universidad de Chile, 1974. Author of Chilean and foreign publications. “Considerations about the principle of administrative legality&rd...
Partner of Carey and co-head of the firm’s Banking and Finance Group. The main focus of his practice is the creation and structuring of financial products and financing for all kinds of businesses, both from the lender or the borrower’s perspective; the purchases and sales of companies and the issuance and placement of debt and equity securities either in Chile or elsewhere, as well as financial regulatory matters. Education Law, Universidad de Chile. Activities and Memberships Me...
Partner of Carey and co-head of the Construction and Engineering Group and head of the Real Estate Group. His practice focuses on the advice of domestic and foreign clients on infrastructure projects, engineering and construction, mining and energy facilities, EPC, EPCM, BoP, BOT, BOOT, O&M contracts, claim management, administration of projects, real estate development, land development and related legal issues. Education Law, Universidad Católica de Chile. LL.M., Northwestern Uni...
Partner of Carey and co-head of the firm’s Corporate / Mergers & Acquisitions / Capital Markets / Banking & Finance Groups. His practice focuses on advising international and local clients on M&A and private equity transactions, including tender offers, joint ventures, debt issuances, public and private offering of securities, derivatives and project development. Education Law, Universidad Católica de Chile. LL.M., The University of Chicago Law School (2001) Activitie...
Partner of Carey and co-head of the firm's Natural Resources and Environment Group. His practice focuses on natural resources, mining, water rights, energy, environment, ESG, surface lands, project financing, and corporate and commercial law. Education Law, Universidad de Chile. Academy of American and International Law, Southwestern Legal Foundation, Dallas, USA (1993). Program of Instruction for Lawyers, Harvard University (1997). Activities and Memberships Trustee-at-Large, Rocky Mountain ...
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