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)