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Panama, June 1, 2023. Morgan & Morgan represented Greenwood Energy Central America Corp. (“Greenwood”), in the financing for the development, construction and commissioning of a power generation plant of up to 40 MWp, made up of four (4) photovoltaic solar plants, located in David, Chiriquí, for the sale of renewable energy to the University of Panama (the “Project”). The financing, which was granted by Global Bank Corporation, amounts up to US$30,000,000. The generation licenses of each of the Greenwood subsidiaries that will develop the four (4) plants, as well as the cash flows generated by Greenwood under the power purchase agreement (PPA) for major clients with the University of Panama, the solar panels and other movable property and material contracts that are part of the Project, will serve as guarantees for the repayment of the facility with Global Bank Corporation, through a guaranty trust agreement constituted between Greenwood, its four (4) subsidiaries and Global Financial Funds Corp., as trustee.
Morgan & Morgan Legal also advised Greenwood in the negotiation of an Engineering, Procurement and Construction Agreement (EPC) and an Operations and Maintenance Agreement (O&M), under which the four (4) solar plants that are part of the Project will be designed, built, operated and maintained.
In addition to the supply of renewable energy for the University of Panama, as a result of the Project, Greenwood will develop a relationship of academic cooperation and technical assistance for the benefit of the students of the University of Panama. This relationship involves the promotion, study and research on renewable energies through a theoretical-practical system that will allow the University of Panama to acquire and transfer knowledge to its students, promoting environmental protection and sustainable development.
Partner Ana Carolina Castillo and international associate Miguel Arias M. advised Greenwood on the transaction.