Banco Sabadell finances Balam subsidiaries for debt repayment and photovoltaic projects

Cuatrecasas has advised Banco Sabadell on a $15 million financing granted to Avant Energías Renovables I, Salsipuedes Solar, and Energía Limpia de La Laguna—subsidiaries of Balam—to pay off an existing debt and meet the operational expenditures of various photovoltaic projects in the states of Chihuaua, San Luis Potosí and Durango.

The financing comes with the usual guarantees in this type of transactions.

Balam is a private equity fund manager, specializing in investing in renewable energy generation projects—mainly solar photovoltaic, wind and mini-hydro plants—as well as cogeneration plants, energy efficiency and other sustainable projects in Mexico. It currently manages funds with capital commitments of around $230 million dollars, which include Balam Fund I, L.P. and issuance trust of development trust certificates, BalamCK16.

The Cuatrecasas team participating in the transaction was led by León López and made up of Rainer Walz, Ricardo Medina and Joel Villanueva (Finance); Ivana Muñiz (Corporate); and Rafael Rodríguez, Alejandro Cortés and Emilia Carreras (Energy).