The company Genneia obtained a 15-year loan for US $ 131.5 million from the German bank KfW for the construction and commissioning of two wind power plants in Chubut.
The financing agreements consist of a 15-year, non-recourse guaranteed loan with 75% of the total wind farm project cost debt, granted by the German entity Kreditanstalt für Wiederaufbau (KfW), the company told Telam.
The KfW loan is guaranteed by the Export Credit Agency of Germany Euler Hermes through a comprehensive commercial and political credit agreement for export.
The operations were carried out through Genneia Vientos Patagónicos and Genneia Vientos del Sudamericanos – subsidiaries controlled by Genneia – for the construction and commissioning of the Chubut Norte III and IV wind farms.
Currently under construction and awarded to Genneia in Round 2 of RenovAR, they are located in the vicinity of the city of Puerto Madryn, Chubut, and will be connected to the Argentine Interconnection System (SADI) as of the second quarter of 2020.
The parks will operate with 31 Nordex wind turbines (model 149, 4.5 MW each), delivering energy to more than 197,000 homes and reducing the emission of carbon dioxide into the environment by 453,000 tons.
Genneia stressed that as in the previous Project Finance executed by the company, the banks will not have recourse against the sponsor, since their repayment will be supported only by the flow of funds to be generated by the projects.
In this way, the balance of Genneia will not be exposed to the risks of the projects, it was assured from the company that it exceeds 1,100 Mw of electricity generation in Argentina (620 Mw from its thermoelectric plants), and owns 30% of the installed capacity in wind energy.