The lender is the bank German Kreditanstalt für Wiederaufbau (KfW)
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Genneia, the leading renewable energy company in Argentina, and Pan American Energy, the first private integrated energy company in Argentina and the region through its subsidiaries, Chubut Patagonian winds Norte III SA Wind North and South American Chubut IV S.A., received yesterday a payout of $ S 97 million, for construction and implementation of wind projects Chubut North III and IV (141 MW).
The sender of this payment is the German development bank KfW, that last July signed an agreement with these companies to provide a loan of 131 million dollars. This Project Finance, held for a period of 15 years, has the guarantee of the German credit agency Euler Hermes export.
Chubut Norte III and IV Wind Farms, currently under construction and awarded in Round 2 of RenovAr, are located very close to the city of Puerto Madryn, in the province of Chubut; and will connect to the Argentine System (SADI) in 2020. Parks work with 32 Nordex (model 149, 4.5 MW each), delivering power to more than 197,000 homes and reducing 453,000 are tons dioxide emission carbon environment.
About GENNEIA
Genneia is a leader in providing sustainable energy solutions, which exceeds the horizon of the 1,200 MW power generation in Argentina. It owns more than 40% of installed capacity in wind energy, making it the number one in the sector.
The company has a superior power to 570 MW of wind power with wind farms Rawson, Trelew, Madryn, Chubut Norte I, Villalonga, Pomona; and more than 660 MW of renewable energy, considering its solar park Ullum (82 MW) located in the province of San Juan.
In addition, under construction they are the Necochea Winds Wind Farm in partnership with Central Atlantic Coast; and Chubut Norte II (26 MW) project destined for the Term Market Renewable Energy, ie, bound for private clients. Genneia also owns and operates 7 thermal generators (615 MW).
Disbursement by KfW mentioned above is a strong signal that Genneia has the confidence and credibility of the strongest in the world for its reliability, efficiency and effectiveness in carrying out projects such important financial institutions. Thus, Genneia maintains financing tool that has been key to its extraordinary growth in recent years.
About Pan American Energy
PAE is the first private integrated energy company in Argentina and the region. In 2017 its shareholders, Bridas and BP, consolidated its interest in Pan American Energy and AXION energy to form a single company called Pan American Energy Group.
Today, SAP is the largest producer, employer and private investor in the energy industry in Argentina and has operations in Argentina, Mexico, Bolivia and Uruguay. PAE is active in the areas of upstream, midstream, downstream power generation and renewable energy. In the latter sector, PAE already in the province of Chubut with Garayalde wind farm with an installed capacity of 24.15 MW. Upstream, PAE explores and produces oil and natural gas in Argentina, Bolivia and Mexico, unconventional, conventional reservoirs offshore and onshore.
In the downstream business, PAE operates the Campana refinery, the third largest in Argentina. Markets fuels of the highest quality through brand AXION Energy offers Castrol lubricants at its 740 service stations in Argentina and Uruguay. The company currently has an approximate 15% share in the Argentine fuel market.