Grenergy Renovables SL (BME:GRE) said today it has closed financing with Germany’s KfW IPEX-Bank for the 24-MW Kosten wind project in Argentina.
The financing involves a 15-year export credit, guaranteed by credit insurance firm Euler Hermes. The project, which is part of Argentina’s RenovAr renewable energy auction programme and will sell its output under a 20-year power purchase agreement (PPA), will also benefit from a World Bank guarantee.
The size of the financing was not specified.
Located in the province of Chubut, in Argentina’s Patagonian region, the wind farm will be built by German wind turbine manufacturer Senvion SA (ETR:SEN), which last week announced the order for the project that will see it deliver six units of its 3.4M114 NES turbines and one 3.6M114 NES machine. Start-up is expected by the end of the second quarter of 2019, Grenergy said.
The developer said the project reinforces its position in Latin America. Grenergy’s development portfolio of over 1,500 MW of wind and solar projects is diversified across five countries in Latin America — Chile, Peru, Mexico, Argentina and Colombia, — and Spain.