We advised Coral Energía on a US$12.25 million syndicated loan for the financing of photovoltaic projects

Coral Energía, a company of Grupo Corven, through its affiliate SYBAC Solar III S.A. (“SYBAC Solar III”), as borrower, Leandro Iraola and Patricia Iraola, as guarantors, and Coral Energía S.A., as shareholder and guarantor, entered into a syndicated loan agreement providing financing to SYBAC Solar III in an aggregate principal amount of up to US$12.25 million (the “Loan”). Banco de la Ciudad de Buenos Aires (“Banco Ciudad”), Banco de la Nación Argentina (“BNA”) and Banco Industrial S.A. (“BIND” and, together with Banco Ciudad and BNA, the “Banks”), acted as lenders. Banco Ciudad acted as administrative agent and collateral agent.

Once disbursed, the Loan proceeds will be used by SYBAC Solar III to finance the development, construction and commissioning of photovoltaic solar parks located in Villa María, San Francisco, San Francisco del Chañar and Cruz del Eje, in the Province of Córdoba. These projects were awarded under the RenMDI programme, and the electricity generated will be commercialised through EPEC under the regulatory framework administered by CAMMESA.

SYBAC Solar III is a company engaged in the development and operation of renewable energy generation projects in Argentina and is an affiliate of Coral Consultoría en Energía S.A. (“Coral Consultoría”), a member of the Coral Energía Group, which has developed more than 10 photovoltaic projects across different provinces in Argentina. The group expects to reach 1,500 MW of installed capacity across its solar parks by 2032.

This transaction forms part of the Coral Energía Group’s broader financing strategy, implemented through different group companies. In this context, in April 2025 Coral Consultoría also obtained a syndicated loan of up to US$60 million, in connection with which Bruchou & Funes de Rioja acted as Coral Consultoría’s legal counsel and Beccar Varela as the Banks’ legal counsel.

Legal counsel to SYBAC Solar III

Bruchou & Funes de Rioja acted as legal counsel with a team led by partner José María Bazán, together with associates Quimey Waisten, Micaela Zarate and Delfina Amaya Toustau.

Legal counsel to the Banks

Beccar Varela acted as legal counsel with a team led by partners Gonzalo Javier Ochoa and Carolina Serra, together with associate Mateo Botana.