Icaza, González-Ruiz & Alemán acted as local legal counsel to AES Panama S.R.L and AES Changuinola S.R.L. in the acquisition of UEP Penonome I, S.R.L. a Panamanian company that built and operated the first wind electrical generation facility (Wind Farm) and related assets located in Penonome, Cocle, Republic of Panama consisting of 22 Goldwind wind turbines providing a total of 55MW of renewable energy to the National Interconnected Grid.
As local legal counsel to the purchasers, the firm conducted legal due diligence on the corporate, regulatory and environmental structure and history of the company and the project; drafted complex local law documents; and provided legal advice and support during and after the closing. The transaction faced significant challenges since, in addition to the complexities of a transaction of this nature, it was completed during strict lockdown measures imposed due to COVID-19 and involved multiple jurisdictions in North America, Asia and Panama.
The team in charge of this transaction was composed by Gabriel González-Ruiz, Alfredo Fonseca and Magdalena Arias.