This is the first tranche of a loan of 51 million dollars. The agreement was signed with FMO. Has Danish guarantee agency EKF
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Genneia, the leading renewable energy company in Argentina, and Central Atlantic Coast, today received the first tranche of a loan of U $ S 51 million, granted by FMO, for the construction of the Wind Farm Wind Necochea. The park, awarded in Round 1.5 of RENEW is located in the Punta Negra, Necochea and its 11 turbines will be able to produce annually 158,000 MW, equivalent to produce clean energy for more than 52,000 households, avoiding 79,000 tons emission of CO 2 .
The disbursement was made by the Dutch development bank Nederlandse Financierings - Maatschappij voor Ontwikkelingslanden N.V. (FMO). The Project Finance, held for a period of 15 years, has EKF guarantee, the credit agency Export Danish. This transaction represents the eighth operation Project Finance / Export Finance of Genneia in the past two years, demonstrating the confidence and credibility deposited by financial institutions leading the world in promoting renewable energy leader of Argentina.
These institutions promoting development offer credit to public infrastructure and private even though the country has no access to capital markets. Given the high initial investment required for these infrastructure projects and energy, project finance mechanism is essential to allow the development of clean energy in Argentina.
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 an output of 580 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, wind projects Chubut North III (57 MW) and North Chubut IV (MW 83) are under construction together with PAE; Winds Wind Park in partnership with Central Necochea 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).