Nederlandse Financierings - Maatschappij voor Ontwikkelingslanden N.V. ("FMO"), Development Finance Institute Canada (DFIC) Inc. ("FINDEV") and Société de Promotion et de Participation pour la Coopération Économique S.A. (“PROPARCO”) granted financing to Genneia S.A. (“Genneia”), leading Argentine company specialized in providing sustainable energy solutions, for up to US$ 100,000,000 from for the development and construction of two solar farms located in Malargüe and Luján de Cuyo, Province of Mendoza, Argentina, with a total output of 270 MW of combined generation capacity (the “Secured Loan”).
Genneia has secured financing thanks to the confidence of three international development financial institutions: FMO, from which it already has granted a series of loans to Genneia; FINDEV, in its second loan to Genneia, and PROPARCO, in its first financing with Genneia.
In addition, the Loan qualifies for the “2X Challenge”, an initiative launched at the 2018 G7 Summit to mobilize private sector investment in emerging markets, leading to various actions that provide women with better access to leadership opportunities, quality employment, financing, and business support.
Diego Serrano Redonnet, partner at Perez Alati, Grondona, Benites & Arntsen (PAGBAM) expressed "It has been an honor to once again assist Genneia in this long-term financing, which will serve to expand renewable energy generation capacity. Genneia has become the leading renewable energy generation company in Argentina, generating 20% of Argentina's wind and solar energy.
Genneia is the leading company in renewable energy generation in Argentina, primarily focused on the production of electricity from renewable sources (wind and solar). It has a total installed capacity of 1,529 MW, of which 1,166 MW comes from renewable energy sources. Genneia has executed a renewable energy generation expansion plan of more than US$1.3 billion with 17 operational projects that together incorporate more than 1 GW of installed capacity. This investment plan allows Genneia to continue consolidating its leadership position in the Argentine renewable sector and reinforce its commitment to supply renewable energy to large industrial users for the decarbonization of Argentine industry.
FMO is the Dutch entrepreneurial development bank. FMO supports sustainable private sector growth in developing countries and emerging markets by investing in ambitious projects and entrepreneurs. FMO focuses on three sectors that have high development impact: financial institutions, energy, and agribusiness, food & water.
FINDEV is Canada’s bilateral Development Finance Institution (DFI), supporting development through the private sector. FINDEV provides financing, investment, and blended finance solutions, as well as technical assistance and knowledge, to promote sustainable and inclusive growth in emerging markets and developing economies (EMDEs) aligned with the Sustainable Development Goals (SDGs) and Paris Agreement commitments.
PROPARCO, is a subsidiary of the AFD Group focused on private sector development. It has been promoting sustainable economic, social and environmental development for over 45 years. PROPARCO provides funding and support to both businesses and financial institutions in Africa, Asia, Latin America and the Middle-East. Its action focuses on the key development sectors: infrastructure, mainly for renewable energies, agribusiness, financial institutions, health and education. Its operations aim to strengthen the contribution of private players to the achievement of the Sustainable Development Goals (SDGs) adopted by the international community in 2015. To this end, PROPARCO finances companies whose activity contributes to creating jobs and decent incomes, providing essential goods and services and combating climate change.
Counsel to Genneia
Pérez Alati, Grondona, Benites & Arntsen (PAGBAM)
On banking & finance matters, partner Diego Serrano Redonnet and on tax matters, partner Facundo Fernández Santos
On banking & finance matters, counsel Alejo Muñoz de Toro
On tax matters, associate Florencia Gonzalez Klebs.
In-house counsel to Genneia, Eduardo Segura, Delfina Aira and Matías Fraga.
