KfW IPEX-Bank structures financing for wind farm Pomona in Argentina
News from 2018-06-11 / KfW IPEX-Bank
KfW IPEX-Bank has successfully structured non-recourse financing for the 101.4 MW wind farm 'Pomona' in Argentina. KfW is providing a tranche of around USD 120.9 million which is backed by cover from Euler Hermes and encompasses the favourable Commercial Interest Reference Rate (CIRR). DEG - Deutsche Investitions- und Entwicklungsgesellschaft mbH is supplying the Pomona project with an additional USD 20.7 million in debt capital.
Pomona Project is the first non-recourse long-term financing with an established local player.
The financing supports the export of German technology and know-how: in September 2017, the Nordex Group was selected to supply and erect 26 wind energy converters of the series N131/3900. Nordex will also be responsible for the maintenance of the wind turbines over the next 10 years.
Project owner is the independent power plant operator Genneia, which has extensive experience and numerous projects in Argentina. Following a public tender the Pomona wind farm was awarded a 20-year power offtake agreement.