Investment Energy Resources Limited issues US$700 million 6.250% Senior Secured Notes 

Citigroup Global Markets Inc. and J.P. Morgan Securities LLC acted as joint Bookrunners and initial purchasers of the Senior Secured Notes for US$700,000,000.00 at a fixed rate of 6.250% maturing in 2029 (the "Bonds") issued by Investment Energy Resources Limited guaranteed by certain of its subsidiaries (Renace, SA , Energía Eólica de Honduras, SA, Soluciones Energéticas Renovables, SA de CV, Sistemas Fotovoltáicos de Honduras, SA, Alisios Holdings, SA, Costa Rica Energy Holding, SA, Vientos del Volcán, SA, Inversiones Eólica Campos Azules, SA, Inversiones Eólica Guanacaste, SA, Inversiones Eólica de Orosí Dos, SA, Eolo de Nicaragua, SA and WCG Energy, Ltd.); and (ii) as legal advisers to Banco Latinoamericano de Comercio Exterior, S.A., Banco Industrial, S.A., Westrust Bank (International) Limited, Banco Davivienda Salvadoreño, S.A., Banco Davivienda (Costa Rica), S.A., Banco Davivienda (Panamá), S.A. and Banco Davivienda, S.A. as Lenders of the Guaranteed Credit Facility for an amount of up to US$440,000,000.00 granted to Investment Energy Resources Limited guaranteed by certain of its subsidiaries (Renace, SA, Energía Eólica de Honduras, SA, Soluciones Energéticas Renovables, SA de CV, Sistemas Fotovoltáicos de Honduras, SA, Alisios Holdings, SA, Costa Rica Energy Holding, SA, Vientos del Volcán, SA, Inversiones Eólica Campos Azules, SA, Inversiones Eólica Guanacaste, SA, Inversiones Eólica de Orosí Dos, SA, Eolo de Nicaragua, SA and WCG Energy, Ltd.)

The funds from the Bonds and the Financing will be used to refinance certain credit facilities previously formalized to finance certain of the Renewable Energy projects of its Subsidiaries.

This operation involved the jurisdictions of Honduras, Costa Rica, Nicaragua, Panama, Colombia, El Salvador, Guatemala, Bermuda and the United States of America.

The transaction was complex as it involved the simultaneous coordination of several jurisdictions and the two facilities (bond issuance and financing) to carry out the disbursement simultaneously. Additionally, a package of local guarantees had to be structured in several of the jurisdictions (Guatemala, Honduras, Nicaragua and Costa Rica) which guarantee both transactions pari passu.

BLP Costa Rica advised Citigroup Global Markets Inc. and J.P. Morgan Securities LLC on the issuance. The BLP team in Costa Rica was made up of partners Julio Castellanos, Luis Manuel Castro, and Vivian Liberman, accompanied by associate Adriana Acuña. The BLP Honduras team was led by Partners José Miguel Álvarez and Pablo Umaña along with associate Ivis Alvarado.

Consortium Legal - Guatemala and Consortium Legal - Honduras acted: (i) as Guatemalan and Honduran legal advisers to Citigroup Global Markets Inc. and J.P. Morgan Securities LLC.   The Consortium team was led by partners Diego Alejos Rivera, Alvaro Castellanos Howell, José Rafael Rivera and José Ramón Paz Morales, who were assisted by Senior Associate María Fernanda Morales, and associates Alejandra Fuentes-Pieruccini and Oscar Manzanares.

Clifford Chance  advised Investment Energy Resources Limited through Hugo Triaca, Andrés Berry, Mariana Estevez, Luis R. Fortuño and María Kim.

Simpson Thacher Bartlet advised the buyers through Jaime Mercado, Kirsten L. Davis, Karen McClendon, Teresita Acedo, Sophia A. Staples and Nicole M. Humphrey.

Consortium Legal – Costa Rica advised Investment Energy Resources Limited in Costa Rica through Rolando Lacle, Juan Manuel Godoy, Monserrat Segura, Roy Ramos and Guido Palacino.

QIL + 4 advised Investment Energy Resources Limited in Guatemala through Alejandro Cofiño, Gabriela Roca, Andrés Lowenthal, Cynthia Muller, Ignacio Grazioso and Enrique Martínez.

Arias Law advised in Nicaraguan law through Ana Teresa Rizo, Maryeling Guevara y Alejandro Grijalva.

Valdés Suárez & Velasco advised in El Salvador through Fernando Velasco and Krissla Laguardia.

Medina Garrigó acted as Dominican Republic counsel through Patricia Alvarez, Melissa Silie and Carla Alvarez.

Appleby Global acted as Bermuda counsel through Tammy Richardson, Andrew Kuzma and Shana Simmonds.

Graham Thompson acted as Bahamas counsel through Michelle Pindling.

In-house lawyers:

Investment Energy Resources Limited  (IERL): Ruben Contreras, María Fernanda Esquivel and Javier Bauer.            
Citigroup: Karin Herman and Katrina M. Youssef.
J.P. Morgan: Lola Ogunmefun.