This is about Chubut Norte III and IV wind farms, whose construction had been interrupted in October by exchange restrictions that stopped disbursing loans abroad.
_____
Nordex and the shareholders of Chubut Norte III and IV wind farms reached an agreement to resume the works were suspended since mid-October. Management conducted throughout the wind industry in order to adapt the exchange regulation to allow financing scheme called "project finance" allowed, with the goodwill and understanding of authorities at national and provincial level and international banks involved in financing, cooperation of contractors and workers UOCRA, could reach an agreement to give continuity to the project.
The agreement at the Ministry of Labor provides a progressive plan to restart work on a proposed timetable responsible contractors, which aims to start operation in 2020.
Chubut Norte III and IV were awarded in round 2 of the RonvAr program. As a whole, they will have 32 turbines Nordex technology, which will allow an annual production of higher electricity to 650,000 MWh, which will supply the equivalent consumption of 220 thousand households and avoid the emission of 328,000 tons of CO2 annually the atmosphere. For wind projects mentioned, it was signed in July a financing agreement (Project Finance) for $ 131.5 million for construction and commissioning. The agreement consisted of a secured loan without recourse to 15 years granted by the German Development Bank (Kreditanstalt für Wiederaufbau - KfW). KfW loan was guaranteed by the export credit agency of Germany, Euler Hermes, through a comprehensive political agreement on trade and export credit.
Investments in renewable energy projects were achieved mostly through international financing offered by multilateral banks, development banks and export credit agencies (ECAs) Europe and North America. These institutions are willing to keep financing conditions, supporting the country even in times of high volatility and fund the country when no access to markets. Therefore, it is key that can maintain the conditions of the agreements in the medium and long term.
In the coming years, Argentina industry must meet increasingly stringent environmental standards to ensure their entry into the major markets of the world, so that the generation and consumption of renewable energy will be key for Argentine exporters.
The development of renewable energy is a fundamental pillar for economic growth in both Argentina and the region remains one of the key components to a truly sustainable energy transition. Argentina's wind industry works to develop that potential, to give the market the opportunity to access to clean and efficient energy, accompanying the course followed worldwide.