KFW German bank disbursed 97 million dollars for the construction of Genneia's wind projects in Chubut
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Wind projects Chubut II and IV have tailwind. Six months after the signing of the agreement of long-term financing with the Kreditanstalt für Wiederaufbau (KFW), the first disbursement of the loan is a reality. This is a total of 97 million dollars will be allocated to the construction and commissioning of the projects undertaken by Genneia Pan American Energy in Chubut.
In July 2019, Genneia allied with PAE-the first private integrated energy company in Argentina and the region-to continue making history in renewable in the country. Both companies agreed to jointly develop wind farms Chubut Norte III and IV. And through its subsidiaries, Chubut Patagonian winds Norte S.A. III Winds North and South American Chubut IV S.A., obtained a loan of 131 million dollars 15 years for construction.
The loan is issued by the bank KFW and German development has the guarantee of the German export credit agency Euler Hermes. Project Finance type, your repayment is backed solely by the cash flow that will generate the parks, once in operation.
Awarded at RenovAr 2, Wind Farms Chubut Norte III and IV are located very close to the city of Puerto Madryn, in the province of Chubut. Connection to the Argentine Interconnection System (SADI) is scheduled for next year. Then, its 32 turbines Nordex (model 149, 4.5 MW each) will deliver clean energy to more than 197,000 homes, saving 453,000 tons of emission of carbon dioxide into the atmosphere.