Argentinean renewables developer Genneia has signed a long-term financing agreement for $51m for the construction of the 38MW Necochea wind farm.
The wind farm is part of a 368MW portfolio of six wind farms that Genneia is constructing, which will come online in 2019 and in 2020.
The six projects are Madryn 2 (151MW), Chubut Norte 2 (26MW), Chubut Norte 3 (83MW), Chubut Norte 4 (58MW), Pomona 2 (12MW) as well as Necochea.
Genneia will also build a biomass plant, La Florida (19MW), expected to come online in 2021.
The financing for Necocea involves a 15-year A-B facility structure provided by Nederlandse Financierings-Maatschappij voor Ontwikkelingslanden for the special purpose vehicle Vientos de Necochea, a subsidiary controlled through a 50/50 joint venture between Genneia and Centrales de la Costa Atlantica.
Total capital expenditure is estimated at $62m.
In the last year Genneia has closed long-term non-recourse project finance for projects totalling $450m in debt.
As of July 2019, Genneia had an installed capacity totalling 1113MW, of which 498MW is based on renewable energy capacity.
Centrales de la Costa Atlantica is a power generation company created in 1997 and headquartered in La Plata, in Buenos Aires province.