Neoen finalises financing for 208 MWp of solar in Argentina

Neoen has achieved financial close on the 208-MWp Altiplano 200 solar project in Argentina’s Salta province, the French renewables developer said on Friday.

The solar complex consists of two projects, the 107-MWp La Puna and the 101-MWp Altiplano, which Neoen won in Argentina’s RenovAr 1 and RenovAr 2 auctions. It will be constructed under a contract with Altiplano Solar GenSun TSK, a consortium formed by GenSun and TSK, using trackers, cables and high-voltage equipment from French manufacturers. Components supplied by Argentinean companies will be used, as well.

The overall investment needed for the project is estimated at USD 234 million (EUR 209.7m).

Financing for the scheme was secured through two tranches of non-recourse senior debt from Proparco, Germany’s Deutsche Investitions- und Entwicklungsgesellschaft (DEG), The Interact Climate Change Facility (ICCF), Societe Generale (EPA:GLE) and KfW. It is also covered by a USD 76 million guarantee from the World Bank, as well as a buyer credit guarantee from Bpifrance Assurance Export for the second financing tranche.

The PV park will be connected to Argentina’s high-voltage grid and will sell its output to domestic grid operator Cammesa under a 20-year power purchase agreement (PPA).

(USD 1.0 = EUR 0.896)

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