July 19 (Renewables Now) - The Argentine development bank BICE and the local unit of Spain's Banco Santander (BME:SAN) have agreed to finance a 151-MW wind farm project through a syndicated loan of USD 20 million (EUR 17.76m).
Under the terms of the agreement, each financial institution will extend USD 10 million, with a potential to expand the total loan amount to USD 70 million.
Located in Puerto Madryn, Chubut province, the wind farm is being developed by Argentine thermal and renewable energy producer Genneia SA. Puerto Madryn II, as it is named, is the second stage of the 222-MW Parque Eolico Madryn (PEMAD) complex.
Once fully operational, the wind complex will generate enough power to meet the annual demand of 200,000 local homes and offset some 351,00 tonnes of carbon dioxide (CO2) per year. Domestic grid operator CAMMESA will purchase PEMAD's output under a 20-year power purchase agreement (PPA).
(USD 1 = EUR 0.89)