January 16 (Renewables Now) - Argentine power companies Genneia SA and Centrales de la Costa Atlantica SA have received the first tranche of the USD-51-million (EUR 45.7m) loan they secured last year to fund the construction of the 38-MW Necochea wind project at home.
The undisclosed amount has been provided by Dutch development bank FMO and guaranteed by the EKF Export Credit Agency of Denmark (EKF), Genneia said in a statement on Wednesday.
The loan agreement, structured as an A/B facility, was signed last summer. The funds were to be distributed to SPV Vientos de Necochea SA, a company controlled by a 50/50 joint venture (JV) between Genneia and Centrales de la Costa Atlantica SA.
The USD-62-million Necochea project is located in Buenos Aires province. It was awarded to Genneia in the 1.5 round of Argentina's RenovAr renewable energy auction programme.
The wind farm will consist of 11 turbines capable of generating enough electricity to power up more than 52,000 households.
(USD 1.0 = EUR 0.9)