Philippi Prietocarrizosa Ferrero DU & Uría Colombia and Arnold & Porter have assisted BBVA Spark, in connection with a stand-by letter of credit facility, entered into with BIA Energy, for up to US$10,000,000, to support BIA’s obligations to the energy market in Colombia.

This transaction took place on August 27, where Garrigues acted as advisor to BIA.

This collaboration aims to improve BIA’s technological infrastructure and expand its workforce, strengthening its role in optimizing energy consumption and promoting innovation in Colombia.

BBVA Spark, is BBVA Bank’s business unit focused on startups and high-growth entrepreneurs, with presence in Colombia since early 2023.

BIA Energy is a startup that sells electricity to companies with a digital platform. BIA is helping companies in Colombia to optimize their energy consumption and reduce it by up to 18% through the use of smart meters and data analytics.

PPU’s team was led by partner Hernando Padilla, with the support of associates Daniel Vargas and Neider Londoño.

Arnold & Porter’s team was represented by partner Chris Willott.