Morgan & Morgan represented an electricity generation company in an arbitration process proposed by a contractor
Morgan & Morgan represented a prestigious company dedicated to the development, design, construction and operation of power generation plants, in an arbitration process proposed by the General Contractor of one of its hydroelectric projects, and in which hundreds of millions of dollars were claimed due to an alleging breach of the EPC Agreement. This international arbitration was conducted under the rules of the International Court of Arbitration (ICC).
Partner Jose Carrizo, and associates Mayte Sanchez, Ana Carolina Castillo Solis and Analissa Carles, participated in this process.
Fifteen Morgan & Morgan attorneys from several practice groups of the firm have been recognized for their exceptional work, in the second edition of the Who´s Who Legal Central America 2017. The guide is a comprehensive listing the leading practitioners and law firms across 13 areas of business law in the region.
With over 80 attorneys and 20 practice areas, Morgan & Morgan is s a full service Panamanian law firm, regularly assisting local and foreign corporations from different industries, as well as recognized financial and government institutions, in important investments in Panama and the region.
“These distinctions are very important for us because they show that our clients and peers recognize our broad expertise in many areas of law, and the commitment of our team when advising clients in their legal needs while doing business in Panama”, said Romulo Roux, Partner and Head of the Legal Services Unit of the firm.
Morgan & Morgan experts recognized:
Carlos Ernesto Gonzalez Ramirez, Partner
Maria Eugenia Brenes, Associate
Ana Carolina Castillo, Associate
Carlos Ernesto Gonzalez Ramirez, Partner
Eduardo Ferrer, Partner
Francisco Arias, Partner
Inocencio Galindo, Partner
Jose Carrizo, Partner
Simon Tejeira Q., Partner
Francisco Arias, Partner
Inocencio Galindo, Partner
Ramon Varela, Partner
Enrique Jimenez, Partner
Inocencio Galindo, Partner
Luis Manzanares, Partner
Enrique De Alba, Partner
Francisco Linares, Partner
Jazmina Rovi, Partner
Juan David Morgan Jr., Partner
Morgan & Morgan advised Cafetales, S.A. (Cafetales) and Energía Natural, S.A. (ENESA), in a joint venture in a special purpose vehicle, Emnadesa Holding, S.A., in favour of which ENESA transferred its ownership interest in Empresa Nacional de Energía, S.A., and Cafetales transferred its ownership interest in Hidroeléctrica Bajos del Totuma, S.A. Empresa Nacional de Energía, S.A. owns two mini hydroelectric power plants currently in operation in the Republic of Panama and is a bond issuer registered with the Superintendence of the Securities Market of Panama. On the other hand, Hidroeléctrica Bajos del Totuma, S.A. owns a mini hydroelectric power plant currently in operation in the Republic of Panama.
Partners Francisco Arias and Ramon Varela, and associates Ricardo Arias and Ana Carolina Castillo, participated in the transaction.
On April 6, 2017, in commemoration of the 20 years of the Electricity Law, the “Past, present and future of the electricity sector” forum was held in Panama City, organized by the National Bar Association.
Morgan & Morgan participated as a sponsor of this event, which brought together lawyers, lenders, developers and government officials who are actively involved in the electricity sector.
In addition, Ramon Varela, Morgan & Morgan’s Partner in charge of the energy practice, took part with the presentation “Bills in the Legislative Involving the Electricity Sector”. In turn, Ana Carolina Castillo Solis, an Associate of the firm, was a part of the committee that organized the event and participated as Moderator of the panel on “Financing of Energy Projects: Challenges, Opportunities and Trends”, with the participation of Gustavo Pimenta, CFO of AES for Mexico, Central America and the Caribbean; Brian Blakely, Lead Investment Officer of the Inter-American Investment Corporation; Hector Cotes, Chief Financial and Administrative Officer of Electron Investment; Roxana Cardenas, Investment Banking Director of Banistmo; and Estif Aparicio, Partner of Arias, Fabrega & Fabrega.
Morgan & Morgan advised Thesan with respect to a US$11.5 million finance for the development and operation of solar energy project El Espinal
Morgan & Morgan acted as Panamanian counsel to Thesan with respect to a US$11.5 Million Dollars Project Finance facility granted by CIFI (Corporación Interamericana para el Financiamiento de Infraestructura, S.A.) for the development and operation of a solar photovoltaic power plant “El Espinal”, with an installed capacity of 8.5MW in the Republic of Panama.
Partner Ramon Varela, and associate Ana Carolina Castillo, participated in this transaction.
Morgan & Morgan acted as Panamanian counsel to Thesan with respect to the acquisition of PSZ1, S.A., a Panamanian company with a generation license issued by the National Authority of Public Services of Panama, for the development, construction and operation of the solar photovoltaic power plant “El Espinal”, with an installed capacity of 8.5MW in the Republic of Panama. Shortly after the acquisition of PSZ1, S.A., Thesan began the construction of the power plant, which is currently generating and supplying energy to the electricity market.
Morgan & Morgan continues to advise Thesan in on-going legal and regulatory matters of this project.
Partner Ramon Varela, and associates Ana Carolina Castillo and Cristina De Roux, participated in this transaction.
From March 16 to 18, 2016, Panama City held the International Arbitration Court Conference of the International Chamber of Commerce (ICC PANARB 2016) and the third version of the Annual Conference of the Latin American Arbitration Association (ALARB 2016) for the analysis of the main improvements and news on arbitration in Latin America and worldwide.
Morgan & Morgan was the main sponsor of this event and our partner, Luis Vallarino, participated as expositor in the forum organized by the ICC’s Young Group of Arbitrators (ICC YAF) on “Panama as seat of local and international arbitration”.
A large number of experts and professionals in the international arbitration field from different areas of the world met at the conference that served also to launch the ICC Arbitration Commission Report & ADR for Latin America: Decisions about international arbitration costs.
ICC is the main institution specializing in the solution of business disputes at an international level. Morgan & Morgan is member of the Panamanian Chapter established in the year 2004.
Ms. Ana Carolina Castillo Solis, Associate of Morgan & Morgan, was formally elected Vice Chair of the Energy Committee of the American Chamber of Commerce & Industry of Panama (AmCham) for the year 2016. Said committee is entrusted with monitoring and informing AmCham members about current issues of the energy market in Panama.
In the energy sector, Ms. Castillo has ample experience assisting clients engaged in power generation in our country, from financing operations, including through the securities market, environmental issues and other regulatory and contractual matters. Currently, she is an Associate in the Corporate Law Department of the firm, holds an LL.B. (Summa Cum Laude) from Universidad Santa Maria La Antigua of Panama, and an LL.M. in International Business and Economic Law (with honors) from Georgetown University Law Center in Washington D.C., USA.
Morgan & Morgan advised Electron Investment, S.A. in the offering of Corporate Bonds for an amount of up to US$235 million
Morgan & Morgan represented Electron Investment, S.A., a Panamanian company that develops and operates hydroelectric power plants, in the public offering of Corporate Bonds with a value of up to US$235,000,000. The Corporate Bonds consist of three series, knowingly, the Series A Bonds with a value of up to US$187,000,000, the Series B Bonds with a value of up to US$30,000,000 and the Series C Bonds with a value of up to US$18,000,000. For purposes of their public offering, Electron Investment, S.A. registered the Corporate Bonds with the Superintendency of Capital Markets of Panama. The Series A Bonds were successfully offered through the Bolsa de Valores de Panamá, S.A. and acquired by a group of institutional investors led by Banco General. The proceeds of the sale of the Series A Bonds were used by Electron Investment, S.A. primarily to prepay the full amount of a syndicated loan granted by a group of international and local financial institutions that included IFC, IDB, DEG, CAF, Banco General and Banvivienda and guaranteed by a trust managed by Citibank as trustee.
The obligations of Electron Investment, S.A. under the Corporate Bonds are guaranteed by a collateral trust constituted under the laws of the Republic of Panama and whose trustee is BG Trust, Inc., an affiliate of Banco General that has been duly authorized by the Superintendency of Banks to carry out the trust business in Panama. The assets of the collateral trust consist primarily of the future cash flows that Electron Investment, S.A. is entitled to receive under power purchase agreements. The trustee has also been granted a pledge over the shares of the shareholders of Electron Investment, S.A. and mortgages over both real estate and movable assets property of Electron Investment, S.A.
Partners Francisco Arias and Ramon Varela, and associates Ricardo Arias and Ana Carolina Castillo, participated in this transaction on behalf of Morgan & Morgan.
Morgan & Morgan representó a Electron Investment, S.A., una sociedad panameña que desarrolla y opera plantas de energía hidroeléctrica, en la oferta pública de Bonos Corporativos por una suma de hasta US$235,000,000. Los Bonos Corporativos consisten de tres series, a saber, los Bonos Serie A por una suma de hasta US$187,000,000, los Bonos Serie B por una suma de hasta US$30,000,000, y los Bonos Serie C por una suma de hasta US$18,000,000. Para los fines de la oferta pública, Electron Investment S.A. registró los Bonos Corporativos ante la Superintendencia del Mercado de Valores de Panamá. Los Bonos Serie A se ofrecieron exitosamente a través de la Bolsa de Valores de Panamá, S.A. y fueron adquiridos por un grupo de inversionistas institucionales liderado por Banco General. Electron Investment, S.A. utilizó los fondos provenientes de la venta de los Bonos Serie A principalmente para el repago de la suma total de un préstamo sindicado otorgado por un grupo de instituciones financieras internacionales y locales que incluye a IFC, IDB, DEG, CAF, Banco General y Banvivienda y que estaba garantizado por un fideicomiso administrado por Citibank como fiduciario.
Las obligaciones de Electron Investment, S.A. derivadas de los Bonos Corporativos están garantizadas por un fideicomiso constituido conforme a las leyes de la República de Panamá y cuyo fiduciario es BG Trust, Inc., una filial de Banco General que se encuentra debidamente autorizada por la Superintendencia de Bancos para realizar el negocio fiduciario en Panamá. Los activos del fideicomiso consisten principalmente de flujos futuros que Electron Investment, S.A. tiene derecho a recibir conforme a contratos de compraventa de energía. También se ha constituido a favor del fiduciario una prenda sobre las acciones de los accionistas de Electron Investment, S.A. e hipotecas tanto sobre bienes muebles como inmuebles propiedad de Electron Investment, S.A.
Los socios Francisco Arias y Ramón Varela, y los asociados Ricardo Arias y Ana Carolina Castillo, participaron en esta transacción por parte de Morgan & Morgan.
Morgan & Morgan advised Green Tower Properties, Inc. in the issuance of real estate bonds for an amount of up to US$55 million
Morgan & Morgan represented Green Tower Properties, Inc. (Green Tower) in the issuance of real estate bonds for an amount of up to US$55,000,000.00 which were successfully placed through the Panama Stock Exchange, S.A.
The bonds were placed by Green Tower for the operation and promotion of office and commercial spaces for rent in the MMG Tower building located in Costa del Este, Republic of Panama. The bonds are guaranteed by a mortgage over the building constructed and the flow of funds of the rents. Global Financial Funds, Corp., acted as trustee.
In January 2014, Fitch Ratings assigned AA-(pan) to the bonds issuance. The Rating Outlook is Stable.
Partner Francisco Arias, and associates Ricardo Arias, Roberto Vidal, Ana Carolina Castillo and Kharla Aizpurua Olmos, participated in this transaction.