Argentina's Jujuy raises funds for 300-MW PV project via bond sale

Argentina's Jujuy province announced on Wednesday that it has successfully raised funding in a green bond placement tied to a 300-MW solar project, after attracting offers for a total sum that is 3.4 times more than requested.

Jujuy sought raising USD 210 million (EUR 177m) to co-finance the Cauchari photovoltaic (PV) complex project, but got offers for a total of USD 744 million. This project is also being financially supported by state-owned bank Export-Import Bank of China.

The bond, which carries an 8.62% interest rate and has a five-year maturity, was offered in a round where 130 investors from different nationalities participated freely. Unspecified investors from the US, Brazil, Uruguay, Chile, England, Germany, Switzerland, Spain, Luxembourg, Italy, China, Taiwan and Argentina have offered to buy the bonds, the government of Jujuy said.

Comprised of three solar farms, the Cauchari complex is a responsibility of the Jujuy State Energy and Mining Society (JEMSE) and it was secured in the first round of the country’s 1-GW energy tender RenovAr.

(USD 1 = EUR 0.841)

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