The international banks FMO, FinDev Canada and Proparco provided financing to Genneia that will allow it to expand its renewable energy generation capacity
Both parks will have a combined capacity of 270 MW.
FMO, FinDev Canada and Proparco, development financial institutions from the Netherlands, Canada and France, respectively, announced the signing of a $100 million syndicated loan to Genneia with a ten-year term.
FMO, from the Netherlands, was the main organizer and contributed a total of US$30 millionwhile FinDev Canada, the Canadian bilateral development financing institution, and Proparco, a subsidiary of the Agence Française de Développement Group (AFD Group), contributed as lenders to this operation with US$40 and US$30 million, respectively.
As explained by Gennia, This new financing will allow it to expand its renewable energy generation capacity through the construction of two photovoltaic solar projects in the municipalities of Malargüe and Luján de Cuyo, in the province of Mendoza.. Both parks will supply green electricity to the Renewable Energy Term Market (MATER), where they will supply companies committed to meeting their sustainability objectives. Furthermore, the financing of these projects, with a combined capacity of 270 MW, strengthens the company’s decarbonization strategy.
Another issue that the firm highlights is that this credit support reflects the commitment of these banks to sustainable development, aligning with Genneia’s solar projects and their contribution to the transition towards a clean and renewable energy matrix.
In this framework, Carlos Palazón, Director of Administration and Finance of Genneiahighlighted: “We are pleased to announce a new long-term financing agreement with our long-standing partner in the Netherlands, along with recent partnerships in Canada and France.. The support of these institutions reinforces our leadership in Argentina and allows us to fulfill our commitment to supply renewable energy to large industrial users, advancing the decarbonization of Argentine industry. This agreement reinforces our leadership in obtaining long-term financing from development banks and export credit agencies.”
The loan also qualifies for the 2X Challenge, an initiative launched at the 2018 G7 Summit, to mobilize private sector investments into emerging markets, giving rise to various actions that provide women with better access to leadership opportunities, quality employment, financing, and business support.
On the occasion of the agreement, the president of the company César Rossi met at the Genneia offices; Carlos Palazón, Director of Administration and Finance and Gustavo Castagnino, Director of Corporate, Regulatory and Sustainability Affairs. On behalf of the financial institutions, Pauline Broertjes, Head of Investments at FMO, participated; Carl Daunar, Head of Investments at Proparco, together with Mauritz Verheijden, ambassador of the Netherlands; Reid Sirrs, ambassador of Canada and Romain Nadal, ambassador of France. In turn, representatives of Banco Comafi and the law firms Bruchou, PAGBAM and Tanoira were present, which were part of the structuring of the agreement.
Source: Ambito
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