29 May '18, 1pm

Grenergy Closes on Financing For Wind Farm in Argentina

This includes the financing of senior non-recourse debt through a 15-year export credit, guaranteed by the credit insurance company Euler Hermes, which provides 95 percent coverage. In addition, the World Bank will support the Fund for the Development of Renewable Energies (FODER) in a payment guarantee to back-stop ongoing payment obligations by the offtaker. This project, which Grenergy bid on in July of 2017, is part of the RenovAr program, launched by the Argentine administration to meet the goal of covering 20 percent of the country's energy demand using renewable energy for the year 2025, a percentage that currently only stands at 2 percent. The project is located in Chubut, a province of Patagonian Argentina that experiences more than 5,000 net hours of wind per year. It will be built by the German manufacturer, Senvion, and its start-up is expected by the end of th...

Full article: https://www.renewableenergymagazine.com/wind/grenergy-clo...

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