B&E advised Banco de Crédito e Inversiones (“BCI”) on the structuring, drafting, negotiation, and execution of a Value Added Tax credit agreement under Chilean law to finance the VAT to be paid by GM Energy SpA, a wholly-owned subsidiary of Generadora Metropolitana Group, in connection with the construction of a greenfield hybrid solar photovoltaic and battery energy storage system project known as “Project Dune Plus,” located in María Elena, in Chile’s Antofagasta Region. B&E also advised on the drafting and negotiation of the remaining documentation required for the financial closing, including the security documents associated with the VAT financing and other related documents, as well as on the review of certain senior credit documents (including, among others, the Credit Agreement, the Security and Depositary Agreement, the Intercreditor Agreement, and the security documents shared with the VAT financing) and their coordination with the Chilean credit documents.

The Project consists of two sub-projects: (i) a 186-MWp solar photovoltaic plant coupled with a 175.5-MW (4-hour duration) battery energy storage system, and (ii) a 333.5-MW (4-hour duration) stand-alone battery energy storage system located within the site of GM Group’s existing photovoltaic plant.

The Project was structured under an international project finance scheme and underpins a 15-year take-or-pay power purchase agreement, payable in U.S. dollars, executed with CODELCO, Chile’s state-owned copper company and one of the largest copper companies in the world. Complementary arrangements include other power purchase agreements entered into with other entities.

The Project will be one of the largest hybrid solar photovoltaic and battery energy storage installations in Chile, delivering renewable energy to support CODELCO’s operations and strengthen the national grid, consolidating the Project as one of the country’s most emblematic energy-transition initiatives and positioning it as a leading reference in the development of next-generation energy infrastructure. It also represents a key milestone in GM Group’s strategy to decarbonize its generation portfolio and advance Chile’s transition toward a low-carbon power matrix.