DLA Piper advises lenders in US$10.7 million loan to Nordic Solar for solar PV plant

DLA Piper advised Belgian Investment Company for Developing Countries SA/NV and EDFI Management Company SA on the negotiation and execution of a US$10.7 million loan agreement with Nordic Solar, governed by New York law, for the construction of a 14MW solar PV plant in Nicaragua.

Nordic Solar is a Special Purpose Vehicle (SPV) set up for the San Isidro project, which will improve the availability of electricity and increase the reliability of the permanent electricity supply, especially during the dry season when hydropower provides less electricity. The project will contribute to the supply of clean, sustainable, and affordable electricity, producing over 33GWh of clean energy annually, equivalent to the electricity used by 58,000 people.

The cross-border DLA Piper team included partner Margarita Oliva Sainz de Aja (New York) and associates Ruben Fernandez Agramonte (Puerto Rico) and Daiana Suk (New York Law Desk, Buenos Aires).

In 2023, DLA Piper was ranked in the “Renewable/Alternative Power” category by The Legal 500 US and was ranked by The Legal 500 Green Guide as a “Featured Law Firm.” In addition, for a third consecutive year, DLA Piper’s renewable energy team was named the number one global renewable energy legal advisor by inspiratia.

DLA Piper's Energy lawyers represent companies, developers, financial institutions and other investors and other participants in the renewable, power, oil and gas, nuclear, energy trading, climate change and water markets.