Eduardo Diez R. – GC Powerlist
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Chile 2022

Energy and utilities

Eduardo Diez R.

Chief legal and compliance officer | Generadora Metropolitana

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Chile 2022

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Eduardo Diez R.

Chief legal and compliance officer | Generadora Metropolitana

Focus on the importance of being adaptive

In-house counsel were often seen as obstacles that project or corporate teams would need to somehow sort out during the different stages of the development of a project, or the closing of a deal. Thankfully, that way of thinking has become less common in the corporate world as project and corporate teams have been increasing their appreciation for the role and support of general counsel and the legal department. Moreover, in almost every company, the legal team is considered a valuable ally who shares the same visions and goals of every other member of the company: to help and facilitate the company´s growth in strict alignment with applicable regulations, sustainability and ethics.

One aspect that I would like to focus on is in the importance of the capacity of being adaptive. Let´s take for example the recent Covid pandemic which redefined concepts that we never thought would have been changed, such as the way we work from distance and the manner we negotiate and close contracts and transactions. I am glad to say that in Generadora Metropolitana we were very successful in adapting ourselves to face this whole new scenario, putting the safety of employees always first, and in which the legal team had a major role to play.

In September 2021, after extenuating negotiations, Generadora Metropolitana was able to successfully secure a USD $987.69m loan which was structured with a combination of bank debt (project finance style, syndicated with six banks) and bond issuance (US Private Placement). These resources will allow the construction of the largest photovoltaic plant in Chile, with 480 MW, and will add 128 MW of flexible and clean capacity, through the conversion of diesel to natural gas from the Los Vientos Power Plant, at a time when this fuel is key to the energy transition of the Chilean matrix.

Therefore, the ability of being adaptative and the firm’s tireless effort commitment, including the legal team, allowed the company and its shareholders to approve this financing in a complex scenario marked by the uncertainty caused by the pandemic. As the legal team, we are tremendously proud and expectant of the work that comes after the closing of this financing, delivering an environmentally clean, safe and reliable supply.

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Eduardo Diez

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