Global law firm White & Case LLP has advised French renewable energy producer Neoen on the financing of Altiplano 200, a 208 MWp solar power plant located in the Salta province of Argentina.
Altiplano 200 is the fusion of two individual projects that were awarded long term power purchase agreements through competitive tenders under Argentina's RenovAr Program. Each project is backed by a guarantee from the World Bank.
Altiplano 200 is wholly-owned by Neoen and will be funded by an uncovered tranche of non-recourse senior debt provided by development finance institutions Proparco, Germany’s DEG and ICCF, and a covered tranche of senior debt provided by Société Générale and KfW. The covered tranche, which accounts for more than half of the financing, is covered by a buyer credit guarantee from Bpifrance Assurance Export ("BPIAE"), France's export credit agency. This is the first solar power plant in the world to qualify for the benefit of this coverage from BPIAE.
Construction of the power plant is now underway, and the facility is due to enter into service in the first quarter of 2020. Once constructed, Altiplano 200 will benefit from some of the world's best insolation levels.
The White & Case team was led by partner Jeannine Acevedo and included associates Ana Maria Arias and Chris Bergan.
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