Pérez Alati, Grondona, Benites & Arntsen advised Banco Ciudad de Buenos Aires and Banco de Inversión y Comercio Exterior S.A. in the financing of the development and the construction of an electric generation plant from biomass, a project corresponding to the RenovAr 2 program, which will be built in the Chaco province, with a 10MW total installed capacity. The loan was granted to Silvateam Energías Renovables S.A., for an amount of USD 10,400,000, with Indunor S.A. as project sponsor and guarantor. The renewable energy project will provide electricity under a power purchase agreement for a 20 years period entered into with CAMMESA, under the RenovAr framework, which aims to expand the share of electric power generation from renewable or "clean" sources in the national electricity market. The loan is secured by (a) a first priority share pledge, (b) a first priority chattel mortgage on the main assets of the electric generation plant, (c) a first priority mortgage on the land where the generation plant will be located, and (d) a security trust assignment of the collection rights of the borrower on certain project contracts, including the power purchase agreement with CAMMESA. This is a project finance entirely made by Argentine public banks, with documentation governed by Argentine law.
Legal advisors to Banco de la Ciudad de Buenos Aires and BICE
Pérez Alati, Grondona, Benites & Arntsen
Partner: Diego Serrano Redonnet, associates Danilo Parodi Logioco, Nicolás Aberastury, Ignacio Payarola, Tomás Fernández Madero, Valeria Stemkauskas, Paula Balbi and Guido Meirovich.
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