Morgan & Morgan Legal represented MMG Bank Corporation (“MMG Bank”), as lender, in a financing to be granted in favor of Daconan Star Solar, S.A. (“Daconan”), to be used for expansion, by 2.64 additional megawatts of the capacity of a photovoltaic project called “Daconan Solar”, with an installed capacity of 3.24 megawatts, located in the Province of Veraguas.

The financing is guaranteed by a guarantee trust that includes the transfer to the trustee, of the movable property of the project, to be held in trust, a real property mortgage, a pledge on Daconan’s shares and the assignment of the funds resulting from the transactions carried out on the occasional market and under the power purchase agreements between Daconan and large clients (in Spanish, “grandes clientes”).

Partner Ramón Varela, senior associate Ana Carolina Castillo and international associate Miguel Arias M. advised MMG Bank on the transaction.

Panama, September 8, 2022