The company closed a new issuance of Notes for 26 million dollars. The solid financing results allow Genneia financing at rates between 0% and 2% and for terms between 2 and 3 years
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Genneia, Argentine leader renewable energy company, closed a new issuance of Notes for 26 million dollars, surpassing its initial objective of USD 20 million. The company seeks the local capital market for second time in the last three months, reaching a financing superior to 54 million dollars in such term.
In this opportunity, Genneia issued two series of dollar linked Notes. In the first case, Class XXVIII for 13.2 million dollars was issued at 0% (zero) rate for a 24 month term. On the other hand, Class XXIX for an amount of 12.8 million was issued at annual 2% fixed rate for a 36 month term. From the total amount issued, 23.2 million corresponded to new funds and 2.8 million were paid in kind through Note Class XVIII due on November 2020. Therefore, Genneia looked for proactive refinancing of coming deadlines. Funds raised from this issuance shall be mostly used to short term liabilities refinancing.
The notes which totally covered the amount offered were mostly raised from outstanding institutional investors and it was performed under the coordination of Banco Macro. Macro Securities S.A., Balanz Capital Valores S.A.U., BACS Banco de Crédito and Banco Patagonia acted as placement agents. Banco Hipotecario acted as sub-placement agent.
Leading the sector of renewable energy supply companies in the country, with 1272 MW of installed capacity, Genneia has long term solid agreements which guarantee a stable future flow of funds for the company. With an extension plan under development, the investment strategies are focussed on renewable energies with the start-up of Wind Farms Madryn and Chubut Norte (Chubut province), Villalonga and Necochea ( Buenos Aires), Pomona ( Río Negro) and Ullum solar farm (San Juan), besides the completion of Wind Farms Chubut Norte II, III and IV during 2020.
About Genneia
Genneia is a leading company for sustainable energy solutions supply, surpassing 1,200 MW of power energy supply in Argentina. It owns more than 30% of the capacity installed in wind energy, which places Genneia number one within the sector. The company has a power superior to 610MW of wind energy with its wind farms Rawson, Trelew, Madryn, Chubut Norte I, Villalonga, Pomona, Necochea ; and surpasses 700MW of renewable energy, considering its solar farm Ullum (82MW) located in San Juan province.
Besides, it´s under process of the construction of Wind Farm Chubut Norte III (57MW) and Chubut Norte IV (83MW) together with PAE; and the project Chubut Norte II (26MW) with destiny to Renewable Energies Term Market, that´s to say, to private clients. Genneia also owns and operates 6 thermal power plants. (573MW).