News

19 July 2019

Genneia obtains project finance for the development of their RenovAr windfarms Chubut Norte III and Chubut Norte IV.

Genneia Vientos Sudamericanos S.A. and Genneia Vientos Patagónicos S.A, two special purpose vehicles fully owned by Genneia S.A., obtained a joint facility worth US$ 131,550,636 from Kreditanstalt für Wiederaufbau (KfW); under a non-recourse portfolio project finance structure, to finance the development and construction of the wind farms Chubut Norte III and Chubut Norte IV (which will be located in the Chubut province), totaling 140.88 MW of combined generation capacity. This is the second portfolio (joint financing of two or more projects), non-recourse project financing made by Genneia under the RenovAr programme. The wind projects will supply electricity under 20-year PPAs with CAMMESA, under Argentina’s RenovAr programme which aims to increase the generation of electricity from renewable-sources. The facility is guaranteed by Euler Hermes (German export credit agency).

The security package for the loan includes (i) a first-priority share pledge over 100% of the shares of the borrowers; (ii) a first-priority pledge over certain of the borrowers’ equipment; and (iii) a security trust for the assignment of all receivables of the borrowers arising from certain Project Documents; and (iv) a mortgage over the project site; among others.

Pérez Alati, Grondona, Benites & Arntsen and Clifford Chance LLP have advised the Argentinian renewables company Genneia S.A. and its subsidiaries Genneia Vientos Sudamericanos S.A. and Genneia Vientos Patagónicos S.A.

Tavarone, Rovelli, Salim & Miani and White & Case LLP acted, respectively, as Argentinian and international counsel to KfW IPEX-Bank GmbH and Kreditanstalt für Wiederaufbau (KfW), both owned by  the German government. 

In addition, the parties appointed La Sucursal Citibank N.A. establecida en la República Argentina and Citibank N.A. as trustees and collateral agents, who were advised by Tanoira Cassagne Abogados in Buenos Aires and Alston & Bird LLP in respect of New York law matters. 

Counsels to Genneia S.A. and Genneia Vientos del Sudoeste S.A.

Pérez Alati, Grondona, Benites & Arntsen

Partner: Diego Serrano Redonnet.

Associates: Danilo Parodi Logioco; Tomás Fernández Madero; Nicolás Aberastury.

In-house counsels to Genneia S.A.

Diego Abelleyra, Eduardo Segura, Juan Manuel Pueyrredón and Facundo Guastavino

Read article published in Abogados.com.ar

Read article published in Lex Latin

Read article published in Latin Lawyer

Read article published in Global Legal Chronicle

Subscribe to our Newsletter

Stay updated by receiving our Legal News Alert that will provide you, in a quick and simple way,
with the latest regulatory changes as well as the most relevant news.

Subscribe

* indicates required
I hereby give my free and informed consent for the collection, processing, storage and/or use of my personal data (the "Personal Data") by Pérez Alati, Grondona, Benites & Arntsen. I understand that all assignment and/or transfer of my Personal Data will be made in full compliance with Law No. 25,326 and complementary regulations. The delivery of my Personal Data is voluntary. I understand that, as the owner of the Personal Data, I have the right to exercise, free of charge, the right of access, rectification or deletion of my Personal Data pursuant to Section 14, subsection 3 of Law No. 25,326 (as amended), by communicating to the following e-mail address news@pagbam.com. The AGENCY FOR ACCESS TO PUBLIC INFORMATION, Control Body of Law No. 25,326, has the power to deal with complaints and claims filed by those affected in theirs right due to breach of the Personal Data legislation in force.
You must fill the checkbox to suscribe.