The contract provides for the issuance of debt instruments for $100 million. The project consists of twenty-five 2 MW wind turbines designed and manufactured by IMPSA in Argentina.
The Malaspina I Wind Farm will add 50 MW to the Sistema Interconectado Nacional (Argentina’s Interconnected Power Grid) and will reach an estimated annual production of more than 200 GWh.
This will provide enough electricity to power about 70 000 households and prevent the emission of some 135 000 tons of CO2. It will also make it possible to save 60 million m3 of natural gas per year, the company said in a written statement.
According to the firm, the innovative FFMI financing structure ‒ a long-term “Project Finance” scheme developed by IMPSA, Banco Nación and BICE ‒ will make it possible to mitigate the risks of wind speed variations.
These financing instruments have a 10-year maturity period, including a capital grace period of 18 months; the funds will be paid-in and payable in Argentine pesos. Repayment of the debt instruments issued to finance project construction will be made effective with cash flows from the sale of energy to ENARSA/CAMMESA under a 15-year contract.
The contract will help consolidate the objectives of the GenRen ‒ Renewable Generation ‒ Program developed by Argentina’s Ministry of Federal Planning through the Energy Secretariat and ENARSA, which provides for the development of clean energies in the country.
The Program will also help fulfill the objective of Law 26.190, which is to have 8 percent of the national energy matrix be made up of renewable energies by 2016.
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