IMPSA’s subsidiary, Central Eólica Pampa de Malaspina S.A. (Malaspina I) and Nación Fideicomiso S.A.(NFSA) signed the Malaspina I Financial Trust Contract (FFMI) for the construction and startup of a 50 MW wind farm in the province of Chubut. The contract provides for the issuance of debt instruments for US$ 100 million.
The Malaspina I Wind Farm will add 50 MW to the Sistema Interconectado Nacional (Argentina’s Interconnected Power Grid) and will reach an estimated annual production of more than 200 GWh, which will suffice to provide electricity to 70 000 households and prevent the emission of some 135 000 tons of CO2. It will also make it possible to save 60 million m3 of natural gas per year.
The FFMI innovative financing structure ?a long-term “Project Finance” scheme developed by IMPSA, Banco Nación and BICE? will make it possible to mitigate the risks of wind speed variations. These financing instruments shall have a 10-year maturity period, including a capital grace period of 18 months; the funds will be paid-in and payable in Argentine pesos. Repayment of the debt instruments issued to finance project construction will be made effective with cash flows from the sale of energy to ENARSA/CAMMESA under a 15-year contract.
This contract will help consolidate the objectives of the GenRen ?Renewable Generation? Program developed by Argentina’s Ministry of Federal Planning through the Energy Secretariat and ENARSA, which provides for the development of clean energies in the country. The Program will also help fulfill the objective of Law 26.190, which is to have 8 percent of the national energy matrix be made up of renewable energies by 2016.
One of the main characteristics of the project is that it consists of twenty-five 2 MW wind turbines designed and manufactured by IMPSA in Argentina, a fact that creates opportunities and jobs for local workers. The wind turbines will be manufactured at IMPSA’s plant in Mendoza through an important network of SMEs that are part of Argentina’s Wind Cluster. Both component manufacture and wind farm construction will generate demand for highly-skilled personnel and, thus, contribute to regional and national economic development.
IMPSA, the only Latin American company with proprietary technology, has more than 1200 MW of wind farms in the operation, construction or financing stage, is the main developer of and investor in wind energy in South America, and is a leader in the design and supply of high-tech wind turbines in the region with projects in Argentina, Brazil, Uruguay and Venezuela.