Scotiabank once again distinguished itself for the range, depth, and calibre of its infrastructure financing capabilities in Latin America as a recipient of marquee awards in the LatinFinance Project and Infrastructure Finance Awards 2023 including ‘Sustainable Infrastructure Bank of the Year’ and ‘Infrastructure Bank of the Year: Mexico.’1
Left-to-right: Marc Chouchani, Managing Director and Co-Head, Infrastructure and Project Finance; Julia Borgo, Director, Infrastructure and Project Finance Mexico; and Carlos Gomez, Director, Infrastructure and Project Finance.
Left-to-right: Marc Chouchani, Managing Director and Co-Head, Infrastructure and Project Finance; Carlos Gomez, Director, Infrastructure and Project Finance; Samuel Bordereau, Managing Director, Global Loan Syndications, U.S. and Latam; Aleksa De La Torre Botton, Director, Global Loan Syndications, U.S. and Latam; Julia Borgo, Director, Infrastructure and Project Finance Mexico; Carmen Contreras, Director, Media and Telecom; and Joseph Ward, Managing Director, Media and Telecom.
As part of LatinFinance’s annual awards program to spotlight the most impressive transactions and institutions driving the region’s economic progress, Scotiabank congratulates its clients on being recognized in four categories1, including:
- Loan of the Year: Aguas Horizonte Desalination Financing
- Infrastructure Financing of the Year: Central America: Liberty Costa Rica Financing
- Infrastructure Financing of the Year: Southern Cone: Phoenix Tower International WOM Acquisition Financing
- Infrastructure Financing of the Year: Latin America & Airport Financing of the Year: Lima Airport Expansion Financing
Standing out as Americas’ Sustainable Infrastructure Bank
Scotiabank was proud to be named ‘Sustainable Infrastructure Bank of the Year’ for numerous successful transactions, resulting from its longstanding and growing commitment, experience and sustainable finance expertise across the Americas.
Among the many relevant transactions of note, in July 2022, Scotiabank acted as Joint Lead Arranger, Lender, Hedge Provider, Issuing Bank, Collateral Agent for Mexico and Chile, and Green Loan Coordinator to support Global Power Generation (GPG) in executing its first PMGD/PMG (“Pequeño Medio de Generación Distribuido”) financing to date. Scotiabank’s US$55.8 million green loan, and multi-product solution, is enabling the construction of numerous solar PV assets that will help GPG vastly expand its renewables portfolio in Latin America. Also in July 2022, Scotiabank was Lender and Green Coordinator to Engie Energia Chile, closing a five-year US$250 million green term loan to help this sustainability-focused Chilean energy firm fund multiple, green projects.
In addition, in October 2022, Scotiabank supported one of the largest ever acquisitions of a non-conventional renewables platform in Latin America2 when it helped Global Infrastructure Partners (GIP) make its largest investment on the continent. As Joint Lead Arranger, Lender, Hedge Provider, Issuing Bank, Mexican and Chilean Collateral Agent and Green Loan Coordinator, Scotiabank provided a US$525 million green loan to enable GIP to acquire Atlas Renewable Energy, the second largest independent renewables developer in Latin America3.
Mexico’s top infrastructure bank
For its activity in countless marquee infrastructure transactions across Mexico, Scotiabank earned the title of ‘Infrastructure Bank of the Year: Mexico’. Having operated in Mexico for almost 90 years, the Bank has a comprehensive on-the-ground presence and, as a leader in sustainable finance, has played a key role in helping to advance Mexico’s energy transition and sustainability goals.
Over many years, Scotiabank has become well-known for its debt financing origination, structuring, execution, financing and debt capital structure optimization solutions for clients across Mexico. For example, Scotiabank was Lead Arranger, Joint Bookrunner, Collateral and Administrative Agent and Hedge Provider to VINCI SA, to help this major French concessions and construction firm partially finance the acquisition of Fintech Advisory Inc.’s equity interest in Grupo Aeroportuario Centro del Norte (OMA), one of the largest airport operators in Mexico. Scotiabank also led a US$2.3 billion transaction on behalf of TC Energia Mexicana, including a term loan and revolving facility, to refinance existing intercompany loans and, ultimately, facilitate the development of the TGNH Southeast Gateway Pipeline to central and southeast Mexico, which will help the nation transition from electricity generation by fuel oil and diesel energy to natural gas. Additionally, Scotiabank acted as Joint Lead Arranger, Joint Bookrunner, On-shore Depositary Bank, and Hedge Provider in the US$1,348 million Senior Secured Syndicated Facilities for Esentia, comprised of a Term Loan, operating LC facility and a DSR LC facility. The transaction was successfully syndicated and included the participation of 12 financial institutions.
Enabling sustainable water usage in Chile’s dry north
Focused on addressing urgent water scarcity in Chile, AguasHorizonte SpA, including Transelec Holding Rentas and Marubeni Corporation, received LatinFinance’s ‘Loan of the Year’ for the US$2.2 billion multi-tranche facility when those companies were awarded the development of a major desalination water supply plant for Codelco’s mining operation in the north of Chile. To help enable critical seawater use by Chile’s mining sector, Scotiabank fulfilled the roles of EBL Provider, Sole VAT Lender, Onshore Collateral & Accounts Bank, and EBL Hedge Coordinator for this sizable transaction that included a senior secured loan, two EBL facilities and a revolving VAT facility.
Introducing A/B Bond structure to Costa Rican telecom sector
Scotiabank was proud to support Liberty Costa Rica’s US$400 million sustainability-linked bond (SLB) issuance, which was recognized in the ‘Infrastructure Financing of the Year: Central America’ category. Acting as Joint Bookrunner, IDB A/B Bond Structuring Agent and ESG Structuring Advisor to Liberty Costa Rica, Scotiabank helped guide the company’s debut in international debt capital markets, by developing a robust sustainability-linked structure that will help the company drive important decarbonization initiatives across its entire value chain. The offering attracted considerable investor interest, being the first A/B Bond issuance in Latin America under the Rule 144A format for IDB Invest, and was the largest B Bond issued by a Costa Rican telecommunications company4.
Supporting largest telecom tower deal in Chilean history
In the category of ‘Infrastructure Financing of the Year: Southern Cone’, Phoenix Tower International (PTI) was recognized for its acquisition of up to 3,800 telecommunication sites from WOM S.A. in Chile. Scotiabank acted as Administrative Agent, Sole Lead Arranger, Sole Bookrunner and Sole Financial Advisor for its August 2022 financing. The funds for the acquisition were assembled via an innovative transaction whereby PTI also refinanced five loans linked to assets in 14 jurisdictions. This corporate/acquisition financing transaction, which encompassed US$2.0 billion in a senior secured multi-facility, represented the largest syndicated transaction in Latin America in 20225. Not only does the transaction stand out for its size and compelling strategic rationale, but also for its sophisticated financing structure and seamless syndication process that resulted in oversubscription despite political and social uncertainty, including the participation of 23 banks located across the U.S., Latin America and Europe. The deal also marks a historic moment in the transformation of Chile’s digital infrastructure and its transition to 5G network access in much of the country.
Strengthening aviation access to Andean region
Scotiabank congratulates Lima Airport Partners’ (LAP) Jorge Chávez International Airport on receiving the ‘Infrastructure Financing of the Year: Latin America’ and ‘Airport Financing of the Year’ awards for its US$1.25 billion project financing. This notable financing accelerates Peru’s crucial transportation infrastructure and reflects the demand for long-term investments within the industry. As Joint Lead Arranger, Bookrunner and Hedge Provider, Scotiabank helped deliver the largest airport financing in Latin America, outside of Brazil, within the last 15 years6, and enabled the significant upgrade of Peru’s main air hub for tourism, commerce and trade.
Scotiabank extends its deepest thanks and celebrates its clients on these award accolades. The Bank is grateful to these distinguished organizations that have placed their trust in Scotiabank to deliver important financing mandates that are making an immense impact on energy and power generation, transportation, telecommunications and natural resource development infrastructure across Latin America.