KfW IPEX-Bank finances wind farms Chubut Norte 3 & 4 in Argentina
News from 2019-07-31 / KfW IPEX-Bank
KfW IPEX-Bank, which within KfW Group is responsible for international project and export financing, has led the Project Finance of the 140 MW wind farm “Chubut Norte 3 & 4” in Argentina. KfW is providing financing for around USD 130 million, backed by cover from Euler Hermes. Loan tenor is 15 years, plus construction.
Chubut Norte 3 & 4 Project Finance signing is the confirmation of the leadership of Genneia in a Non-Recourse Long Term financing in Argentina.
The financing from KfW IPEX-Bank supports the export of German technology and know-how: in September 2018, the Nordex Group was commissioned to supply and erect altogether 31 N149/4.0-4.5 turbines. 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, Chubut Norte 3 & 4 wind farms were awarded a 20-year power offtake agreement.
The financing agreement is a follow-up transaction to the 101.4 MW "Pomona" wind farm -equipped with 26 N131/3.9 Nordex turbines-, which is already in operation and was concluded 2 months ahead of schedule.