August 12 (Renewables Now) - Argentine thermal and renewable energy producer Genneia SA said last week it has obtained USD 51 million (EUR 45.6m) in debt to back the construction of a 38-MW wind project at home.
The 15-year debt will consist of a Facility A Loan with a guaranteed tranche provided by Dutch development bank FMO and guaranteed by the EKF Export Credit Agency of Denmark (EKF), as well as an uncovered tranche with funds lent directly by FMO. The Facility B Loan will be also extended by FMO and guaranteed by EKF from year five and onwards.
FMO and Sumitomo Mitsui Banking Corporation (SMBC) acted as co-arrangers in the complex transaction. Funds from it will go to SPV Vientos de Necochea SA, a company controlled through a 50/50 joint venture (JV) between Genneia and Centrales de la Costa Atlantica SA.
The long-term financing covers the USD-62-million Necochea wind project that was awarded to Genneia as part of the 1.5 round of Argentina's RenovAr renewable energy auction programme. Once completed, the plant will be able to produce enough electricity to supply 53,000 homes per year.
(USD 1.0 = EUR 0.895)