Genneia and PAN American Eenergy (PAE) have signed an agreement for the construction of Chubut Norte III and Chubut Norte IV wind farms, located in the Province of Chubut. As part of this agreement, Genneia will transfer to PAE 49% of the shares of the wind farms SPVs. Genneia will continue to be in charge of the construction of both wind farms and will be the operator once they come online in 2Q20.
Chubut Norte III and Chubut Norte IV wind farms are part of the Renovar 2.0 program and will have an installed capacity of 141 MW. Total capex is estimated at U$$ 190 million. The wind farms will generate clean energy similar to the consumption of 197,000 households and will avoid significant CO2 emissions.
The wind farms have already secured a US$ 131 million long-term financing agreement with KfW bank. The financing involves a 15-year guaranteed non-recourse loan with a commercial and political risk guarantee by the German Export Credit Agency Euler Hermes.
This agreement between Genneia and PAE, to be executed in August 2019, seeks to create new opportunities for the consolidation and development of the power industry in Argentina.
Pérez Alati, Grondona, Benites & Arntsen advised Genneia with Diego Serrano Redonnet, Danilo Parodi Logioco, Tomás Fernández Madero and Nicolás del Campo Wilson.
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