PAGBAM advises on Argentina wind farm financing
Argentinian law firm Pérez Alati, Grondona, Benites & Arntsen (PAGBAM) has advised local renewable energy companies Genneia and Centrales de la Costa Atlántica, and the special purpose vehicle Vientos de Necochea, on a $44.2 million financing for the construction of the Necochea I wind farm, a project awarded by the government as part of its renewable energy tenders, known as RenovAr.
The financing for the 37.95-megawatt wind farm, which will be built in Buenos Aires province, is being provided by Nederlandse Financierings-Maatschappij voor Ontwikkelingslanden (FMO), under a non-recourse project finance structure.
This is the fourth non-recourse project financing structured by Genneia under the RenovAr program.
The Necochea I wind farm will supply electricity under a 20-year power-purchase agreement with CAMMESA, awarded in the RenovAr 1.5 auction.
The loan facilities are partially guaranteed by Denmark’s Export Credit Agency (EKF) and arranged by FMO and Sumitomo Mitsui Banking Corporation.
PAGBAM partner Diego Serrano Redonnet (pictured) led the law firm’s team, with counsel Danilo Parodi Logioco and associates Tomás Fernández Madero and Guido Meirovich.
