Genneia and PAE join in a wind energy project in Argentina

The companies Genneia and Pan American Energy (PAE), two of the largest players in the country’s energy sector, reached an agreement for the joint development of two wind power generation projects near the city of Puerto Madryn in Chubut. The estimated investment will be around US $ 190 million, to offer a wind farm of 140 MW and will deliver energy equivalent to the consumption of 197,000 homes.

Both wind farms, called Chubut Norte III and IV, currently under construction and awarded in Round 2 of the RenovAr Program, will add 32 wind turbines that will be connected to the Argentine Interconnection System (SADI) from the second quarter of 2020.

Genneia will be the operating company and will provide management services during the construction stage, a statement said.

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Marcos Bulgheroni, CEO of the oil company PAE, said that “this agreement allows us to continue growing in the renewable energy sector and prioritize the regions close to our operations, particularly the province of Chubut.”

In turn, Jorge Pablo Brito, president of the board of Genneia, said that the alliance with “the country’s main integrated private energy company, Pan American Energy, is a step forward in the consolidation of our renewable generation strategy, and strengthens our leadership position in this sector with greater financial and operational strength ”.
To finance the investment in wind energy, the companies Genneia and PAE contemplate a financing provided by the German bank KfW, with guarantee of the export credit agency Hermes.

The implementation of the agreement is scheduled for next August, with a view to “creating new opportunities to continue assisting in the consolidation and development of the energy industry in Argentina,” the statement added.