December 2023 - Astris congratulates its client Celeo Redes on the closing of a USD 75m bridge facility to fund a transmission line in Peru

Washington DC, December 2023 - Astris Finance acted as financial advisor to Puerto Maldonado Transmisora De Energía, S.A.C., a wholly owned SPV of the Spanish group Celeo Redes, in the upsizing and extension of the existing bridge facility with DNB Bank. This extension comes on the heels of the recently awarded transmission line project Piura Nueva – Frontera to Celeo in July 2023 by the state-funded ProInversion. This new transmission line will be Celeo’s third project in Peru, alongside the transmission line Puerto Maldonado – Iberia and the Valle del Chira substation; the two original projects for which the existing Bridge Facility was in place.

The upsizing of the Bridge facility increased the total amount to US$75 million. The uses will be meant to cover all necessary development and construction costs for the three transmission assets until long term financing is in place. The Bridge Loan's maturity date was also extended until 2026, to allow additional timing due to the newly awarded Piura Nueva – Frontera project.

New Piura Nueva – Frontera Transmission Line

The Project is part of the “Proyecto Integral de Interconexión Eléctrica Perú-Ecuador”, which will connect substations located in either side of the Peru and Ecuador border. The total length will be 550km: 280km will correspond to Ecuador and 270km to Peru. The Project consists of the second part of the Peruvian section: Substation Piura Nueva–Frontera. The first section: Substation La Niña–Substation Piura Nueva is under construction.