July 16 (Renewables Now) - Argentine thermal and renewable energy producer Genneia SA said Monday it secured non-recourse project financing of USD 131.5 million (EUR 117.2m) to build and commission the Chubut Norte III and IV onshore wind farms in Argentina.
The two project companies and German state-owned development bank KfW signed a 15-year arrangement backed by an export credit guarantee (ECG) by the German Federal Government. The loan will cover 75% of the total cost of the projects.
The 83-MW Chubut III and the 58-MW Chubut Norte IV wind farms were awarded to Genneia in Round 2 of the Argentine renewable energy auction programme RenovAr. Both projects are currently under construction near the city of Puerto Madryn in Chubut province. The parks will be equipped with 31 units of Nordex 4.5-MW wind turbines to supply power to more than 197,000 households.
Genneia plans to hook the wind farms to the Argentine grid in the second quarter of 2020.
(USD 1.0 = EUR 0.89)