KfW IPEX-Bank finances 101.4-MW Argentine wind farm

2.4-MW Nordex turbines. Source: Nordex SE

June 12 (Renewables Now) - Germany's KfW IPEX-Bank on Monday said it has structured non-recourse financing for the 101.4-MW Pomona wind project in Argentina of Argentine power producer Genneia.

KfW is providing a USD-120.9-million (EUR102.5m) tranche, backed by cover from Euler Hermes, while DEG - Deutsche Investitions- und Entwicklungsgesellschaft mbH is providing an additional USD 20.7 million in debt.

The German lender said this is the first non-recourse long-term financing with "an established local player."

The deal supports German exports as German wind turbine maker Nordex (ETR:NDX1) last year won a contract to supply and install 26 units of its N131/3900 turbine. Nordex will also maintain the turbines over 10 years.

The Pomona project secured a 20-year power offtake agreement in Argentina's RenovAr 1.5 renewable energy tender in November 2016.  

KfW IPEX-Bank recently structured debt financing for a 24-MW wind project in Argentina, owned by Spain's Grenergy Renovables.

(USD 1 = EUR 0.848)  

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Plamena has been a UK-focused reporter for many years. As part of the Renewables Now team she is taking a keen interest in policy moves.

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