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FMO has signed a long-term financing agreement for US$ 51 million with Genneia for the construction of the Necochea wind farm in Argentina.
Necochea wind farm is part of RenovAr 1.5 program and will have an installed capacity of 38MW. Total capex is estimated at USD$ 62 million. The wind farm will generate renewable energy for up to the consumption of 53,000 households and will avoid significant CO2 emissions.
The financing involves a 15-year A-B Facility Agreement. The Facility A Loan includes a Guaranteed Tranche and an Uncovered Tranche. The Guaranteed Tranche is lent by FMO and guaranteed by the EKF Export Credit Agency of Denmark (EKF), and the Uncovered Tranche is lent directly by FMO. The Facility B Loan is granted directly by FMO. FMO & Sumitomo Miutsui Banking Corporation (SMBC) acted as co-arrangers.
In the last twelve months, Genneia closed long-term non-recourse project finance for 6 projects, for a total of approximately US$ 450 million.
Genneia is the leading renewable power generation company in Argentina. The Company is primarily engaged in the generation of electrical power from both renewable (wind and solar power) and conventional (thermal power) sources. As of July 2019, total installed capacity is 1,113 MW (498 MW of renewable and 615 MW of thermal).
As part of its expansion plan, Genneia is building six new wind farms: Madryn II (151 MW), Chubut Norte II (26 MW), Chubut Norte III (83 MW), Chubut Norte IV (58 MW), Pomona II (12 MW) and Necochea (38 MW), all of them expected to come online between 2019 and 2020. Genneia will also build a biomass plant named La Florida (19 MW), with expected COD in 2021.