News

16 January 2020

Vientos de Necochea S.A. obtains a US$ 44,270,000 project finance facility from FMO for the development of its RenovAr windfarm Necochea I.

Vientos de Necochea S.A., a special purpose vehicle jointly owned by Genneia S.A. and Centrales de la Costa Atlántica S.A., obtained US$ 44,270,000 in loan facilities from Nederlandse Financierings-Maatschappij voor Ontwikkelingslanden N.V. (FMO) under a non-recourse project finance structure, to finance the development and construction of the wind farm Necochea I (which will be located in the Buenos Aires province), totaling 37.95 MW of generation capacity. This is the fourth non-recourse project financing structured by Genneia S.A. under the RenovAr programme. The Necochea I wind project will supply electricity under a 20-year PPA with CAMMESA awarded under Argentina’s RenovAr 1.5 programme which aims to increase the generation of electricity from renewable-sources. The loan facilities are partially guaranteed by EKF Denmark’s Export Credit Agency (EKF) and arranged by FMO and Sumitomo Mitsui Banking Corporation (SMBC) (EKF, FMO and SMBC, jointly, the “Credit Parties”).

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

Pérez Alati, Grondona, Benites & Arntsen and Clifford Chance LLP have advised the Argentinian renewable companies Genneia S.A. and Centrales de la Costa Atlántica S.A. and the special purpose vehicle Vientos de Necochea S.A.

Bruchou, Fernández Madero & Lombardi and White & Case LLP acted, respectively, as Argentinian and international counsel to the Credit Parties. 

Tanoira Cassagne Abogados and Alston & Bird LLP advised respectively La Sucursal Citibank N.A. establecida en la República Argentina, as trustee, depositary agent and collateral agent and Citibank N.A. as depositary agent and collateral agents.

Counsel to Genneia S.A., Centrales de la Costa Atlántica S.A. and Vientos de Necochea S.A.

Pérez Alati, Grondona, Benites & Arntsen

Partner Diego Serrano Redonnet, counsel: Danilo Parodi Logioco and associates Tomás Fernández Madero and Guido Meirovich.

In-house counsel to Genneia S.A.

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

Read article published in Abogados.com.ar

Read article published in Lex Latin

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