White & Case Advises KfW IPEX-Bank and KfW on Financing for the Chubut Norte III & IV Wind Farms in Argentina
Global law firm White & Case LLP has advised KfW IPEX-Bank GmbH and KfW on the long-term portfolio financing for the development and construction of the Chubut Norte III & IV wind farms being developed by Genneia S.A. in the Chubut province of Argentina. Pan American Energy acts as co-investor.
The financing involves a non-recourse loan facility extended by KfW to Genneia Vientos Patagónicos S.A. and Genneia Vientos Sudamericanos S.A., which is backed by Euler Hermes cover (the German export credit agency).
The projects were awarded 20-year power purchase agreements under Argentina’s RenovAr program, which aims to increase the generation of electricity from renewable sources. They are currently under construction near the city of Puerto Madryn in Argentina and, upon completion, will generate approximately 141 MWs of power combined.
This is the second project financing extended by KfW to subsidiaries of Genneia, an energy producer based in Argentina, under the RenovAr program. White & Case also advised KfW IPEX-Bank in connection with the 101 MW Pomona wind farm located in the Rio Negro province of Argentina.
The White & Case team that advised on the transaction was led by partner Jeannine Acevedo and included associates Gretel Martinez, Chris Bergan and Stefan Lyman.
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