Dentons Cardenas & Cardenas advises P.I.O. S.A.S. and Regasificadora del Pacifico S.A.S. on the financing of a logistic and port services project in Buenaventura and a[...]

Dentons Cardenas & Cardenas advised P.I.O. S.A.S., as project developer, and Regasificadora del Pacifico S.A.S., on the execution of the financing documentation under a project finance structure for the development of a logistic and port services project in Buenaventura and a regasification project in Buga (Valle del Cauca).

The Firm's advice to P.I.O. S.A.S. and Regasificadora del Pacifico began with the negotiation and execution of the off-take agreement in late February 2025, pursuant to which Regasificadora del Pacifico S.A.S. will provide regasification services to Ecopetrol S.A. These services will involve the receipt of Liquefied Natural Gas ("LNG") in the Buenaventura bay and its subsequent delivery, as natural gas, to the National Natural Gas Transportation System at the interconnection point located in Buga, following the required logistics and regasification processes

In this context, the project addresses one of the most relevant challenges in the Colombian energy sector: ensuring a stable and sustainable gas supply in the face of growing demand and intermittent local production. Likewise, due to its regasification capacity, this facility is unique in Colombia and one of the few of its kind in the world.

The financing, with BTG Pactual and the Financiera de Desarrollo Nacional ("FDN") acting as lenders, was structured under the laws of the State of New York. In order to reach financial close and execute the financing documents, the Firm advised P.I.O. S.A.S. and Regasificadora del Pacifico on the negotiation and execution of financing documentation governed by Colombian law.

The Firm also rendered legal advice to its clients in the negotiation of its material project agreements, including, among others, securing a floating storage unit ("FSU"), acquiring offshore supply vessels and ISO containers for the maritime transportation of LNG, land transportation agreements for the transfer of ISO containers from Buenaventura to Buga, the civil works contract, and the design and construction agreement for the regasification plant in Buga.

Likewise, this financing is a milestone for the Colombian energy sector, not only because it was structured in the midst of a potential energy crisis and under a demanding schedule, but also due to the various aspects of the logistic and operational chain that makes this project unique in Colombia. As a result, the project sets a meaningful precedent for the expansion of strategic energy infrastructure, reinforcing the country's ability to secure natural gas supply over the medium and long term.

We congratulate P.I.O. S.A.S., Regasificadora del Pacifico S.A.S., and all teams involved on this landmark transaction, and we appreciate the trust placed in Dentons Cardenas & Cardenas in advising on the successful execution of this project of strategic importance to the country.

Finally, the transaction was led by Pablo Jaramillo (Partner), with the support of associates Rodrigo De Vivero, Gabriela Sanchez, María Fernanda Bonilla, and Martin Jaramillo.

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