White & Case Advises KfW-IPEX Bank and DEG on Financing for Argentinian Wind Farm
Global law firm White & Case LLP has advised KfW IPEX-Bank GmbH ("KfW-IPEX Bank") and DEG - Deutsche Investitions- und Entwicklungsgesellschaft mbH ("DEG") — subsidiaries of the German government-owned KfW bank—on the non-recourse financing for the Pomona wind farm project in Argentina being developed by Genneia S.A. ("Genneia").
Genneia, an energy producer based in Argentina, obtained an approximately US$141.6 million loan facility from KfW IPEX-Bank and DEG to finance the construction of the project. The KfW IPEX-Bank tranche of the financing will be backed by a guarantee from Euler Hermes (the German export credit agency). The project was awarded a 20-year power purchase agreement under Argentina's RenovAr program (a program aiming to produce 20 percent of the country's electricity from renewable sources by 2025) which is backed by a guarantee from the World Bank.
The Pomona wind farm will generate 101.4 MWs of power across 26 wind turbines located in the Rio Negro province of Argentina. The Firm believes that the project marks the first-ever NY law-governed, non-recourse financing under the RenovAr program.
KfW IPEX-Bank specializes in commercial export and project finance transactions with ties to Europe, and DEG finances companies investing in projects in developing and emerging-market countries.
The White & Case team that advised on the transaction includes partners Carlos Viana and Jeannine Acevedo, as well as associates Ana Maria Arias, Adrian Leal, Chris Bergan and Raffaele Turco in our New York and Miami offices.
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