RenovAR project gets Dutch financing in Argentina

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RenovAR project gets Dutch financing in Argentina

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Clifford Chance LLP in
New York and Pérez Alati, Grondona, Benites
& Arntsen (PAGBAM)
 in Buenos Aires have helped local energy
companies Genneia and Centrales de la Costa Atlántica obtain US$44 million in
project financing for a wind farm in Argentina.

Dutch development bank FMO was the lender, and turned
to White & Case LLP and Bruchou, Fernández Madero & Lombardi for the
transaction, which closed on 8 January.

Citibank was trustee
and depository agent and turned to Alston & Bird LLP’s Charlotte office
and Tanoira Cassagne Abogados in
Argentina.  

The two companies obtained the loan through Vientos de
Necochea, a special purpose vehicle jointly owned by the duo.

The wind farm, Necochea I, has a total output of 37.9
megawatts and is located in the Buenos Aires province. It was awarded to
Genneia in Argentina’s RenovAr renewable energy auction programme in November
2016.

Necochea I will supply electricity under a 20-year
power purchase agreement to Argentina’s wholesale electric market administrator
Cammesa.

The RenovAR programme
was launched by former president Mauricio
Macri in 2016 in a bid to increase renewable energy generation. Argentina
wants 20% of its electricity to be generated by renewable sources by 2025.

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

In-house
counsel to Genneia – Diego Abelleyra, Eduardo Segura, Juan Manuel Pueyrredón,
Facundo Guastavino, Rocío Díaz and Matías Fraga

Clifford Chance LLP

Partner Fabricio Longhin and associates Patricio Abal
Julián Hurtado Vallejo, Eli Keene and Pablo Fekete in New York

Pérez
Alati, Grondona, Benites & Arntsen (PAGBAM)

Partner Diego Serrano Redonnet, counsel Danilo Parodi
Logioco, and associates Tomás Fernández Madero and Guido Meirovich in Buenos
Aires

Counsel
to the FMO

White & Case LLP

Partner Jeannine Acevedo and associates Chris Bergan
and Angeles Femenia in New York

Bruchou,
Fernández Madero & Lombardi

Partners
Matías López Figueroa, Ignacio Minorini Lima, Sebastián Vedoya and Sergio
Arbeleche, and associates Leandro Belusci, Lucía Vidaña, Luisina Rossi and
Josefina Reyes, Eliana Hougassian, Micaela Saieg, Manuel Mazza, Pablo Crimer
and María Lilen Capellan in Buenos Aires

Counsel
to Citibank

In-house counsel – Cecilia Díaz Llamosas, Armando
Zungri Berhongaray and Carlos Vassallo

Alston & Bird

Partners Adam Smith and Bradley Johnson, and associate
Gina Masterson in Charlotte

Tanoira Cassagne Abogados

Partner Alexia Rosenthal and associate Ignacio Criado
Díaz in Buenos Aires