Quito, Ecuador – July 3, 2024 – BUSTAMANTE FABARA represented IDB Invest in connection with a $14 million secured financing to Quasar Expeditions, a leading tourism exploration company that offers maritime excursions in the Galapagos Islands. The firm advised on all aspects of the transaction, including due diligence, preparation and negotiation of the New York-law governed Loan and Guarantee Agreement, and structuring, preparation and negotiation of a robust security package under both Ecuadorian and New York law.
The financing will promote sustainable business practices in the fragile ecosystem of the Galapagos and introduce one of the first hybrid propulsion vessels in the area. This financing comprises a U.S. 7 million A loan funded by IDB Invest and a U.S. $7 million B loan in which Blue Earth Capital (a global impact investor focused on social development and climate change) acquired a 100% participation. The deal was signed on April, 2024 and the first disbursement took place on July, 2nd, 2024.
About BUSTAMANTE FABARA
BUSTAMANTE FABARA is a renowned full-service law firm based in Ecuador. With a team of over 125 attorneys and a total staff exceeding 190 members, offering extensive and consistent legal solutions to both local and international clients across 24 different practice areas. The Firm is consistently ranked by prestigious international agencies as one of the top firms in Ecuador and Latin America.
About IDB Invest:
IDB Invest, a member of the Inter-American Development Bank Group, is a multilateral development bank committed to promoting the economic development of its member countries in Latin America and the Caribbean through the private sector. IDB Invest finances sustainable companies and projects to achieve financial results and maximize economic, social, and environmental development in the region.
About Quasar Expeditions
Founded in 1986, Quasar Expeditions is a private, family-owned small boat exploration company offering sightseeing tours in the Galapagos Islands in Ecuador. The company has a history of more than 35 years operating in the region and was one of the first maritime tourism companies in the area. Quasar has won multiple international recognitions, including Travel & Leisure Best Travel’s Award, Afar Traveler’s Choice Awards, Conde Nast Reader’s Choice Awards, Lux Magazine Global Excellence Awards.
About Blue Earth Capital
Blue Earth Capital is a global, independent, specialist impact investor, headquartered in Switzerland, with operations in New York, London, and Konstanz. Blue Earth Capital seeks to address the world’s most pressing social and environmental challenges by delivering measurable impact alongside aiming for attractive and market-rate financial returns. Blue Earth Capital is owned by the Blue Earth Foundation, a Stiftung (charity/trust) registered in Switzerland that focuses on deep impact to support initiatives and business ventures to help deliver a more equitable and sustainable future.
Lead Partner(s):
Jesús M. Beltrán
Other team members:
Juan Bernardo Guarderas (Senior Associate)
Melina Andrade (Associate)
David Salgado (Associate)
Other firms advising on the matter and their role:
Dentons Paz Horowitz (counsel to Borrower).
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For more information please contact:
María José Sotomayor
Director of Marketing and Communication
BUSTAMANTE FABARA