Arias, Fábrega & Fábrega acted as counsel to Banco General, S.A. in the structuring of a registered bond offering to be made by Generadora Pedregalito to finance the construction of a 20MW hydroelectric plant located in the province of Chiriquí to be built by Generadora Pedregalito, S.A. ("Pedregalito I") and the construction of a 13 MW hydroelectric plant located in the province of Chiriquí to be constructed by Generadora Río Chico, S.A. ("Pedregalito II").

The bonds, issued in two series, each with different maturity dates and terms and conditions, are registered with the National Securities Commission of Panama and listed on the Panama’s Stock Exchange.

The bonds will be secured by a trust constituted by Generadora Pedregalito, S.A. and Generadora Río Chico, S.A., as settlors and BG Trust, Inc, as trustee. Under the trust both project companies will constitute a lien on substantially all of their respective project assets. Also, Panama Power Holdings, Inc., the holding company of both companies, will execute a corporate guaranty to secure the payment of the bonds.

Generadora Pedregalito, S.A. and Generadora Río Chico, S.A. each hold a concession to build and operate a hydroelectric project in Panama granted by Public Services National Authority.

Pedregalito I and Pedregalito II, with their combined 33MW of generated power, represent one of the largest hydroelectric projects currently developed by Panamanian investors.

The plants also represent Panama's continued emphasis on renewable energy, as well as the country's emphasis on energy independence.