Vientos de Necochea S.A. obtains a US$ 44 million project finance facility from FMO for the development of its RenovAr windfarm Necochea
Vientos de Necochea S.A., a special purpose vehicles jointly owned by Genneia S.A. and Centrales de la Costa Atlántica S.A., obtained US$ 44,270,000 in loan facilities from Nederlandse Financierings-Maatschappij voor Ontwikkelingslanden N.V. (FMO) under a non-recourse project finance structure, to finance the development and construction of the wind farm Necochea I (which will be located in the Buenos Aires province), totaling 37.95 MW of generation capacity. This is the fourth non-recourse project financing structured by Genneia S.A. under the RenovAr programme. The Necochea I wind project will supply electricity under a 20-year PPA with CAMMESA awarded under Argentina’s RenovAr 1.5 programme which aims to increase the generation of electricity from renewable-sources. The loan facilities are partially guaranteed by EKF Denmark’s Export Credit Agency (EKF) and arranged by FMO and Sumitomo Mitsui Banking Corporation (SMBC) (EKF, FMO and SMBC, jointly, the “Credit Parties”).
The security package for the loan includes (i) a first-priority share pledge over 100% of the shares of the borrower; (ii) a first-priority pledge over borrower’s equipment; (iii) a security trust for the assignment of all receivables of the borrower arising from certain Project Documents; and (iv) a mortgage over the surface interest owned by the borrower on the project site; among others.
Pérez Alati, Grondona, Benites & Arntsen and Clifford Chance LLP have advised the Argentinian renewable companies Genneia S.A. and Centrales de la Costa Atlántica S.A. and the special purpose vehicle Vientos de Necochea S.A.
Bruchou, Fernández Madero & Lombardi and White & Case LLP actuaron respectivamente, como asesores argentines e internacionales de las Partes Crediticias.
Tanoira Cassagne Abogados and Alston & Bird LLP advised, respectively, La Sucursal Citibank N.A. establecida en la República Argentina, as trustee, depositary agent and collateral agent and Citibank N.A., as depositary agent and collateral agent.
Socios: Matías López Figueroa, del equipo de derecho bancario y mercado de capitales; Ignacio Minorini Lima, del equipo de derecho regulatorio; y Sebastián Vedoya and Sergio Arbeleche del equipo de derecho ambiental.
Asociados: Leandro Belusci, Lucía Vidaña, Luisina Rossi y Josefina Reyes, del equipo de derecho bancario y mercado de capitales; Eliana Hougassian, Micaela Saieg y Manuel Mazza del equipo de derecho regulatorio; y Pablo Crimer, Morena Mazzoleni y María Lilen Capellan del equipo de derecho ambiental.
