IIC finances wind farm in Argentina under RenovAr Program

The Inter-American Investment Corporation (IIC), acting on behalf of the IDB Group, has signed a US$104 million financing package for Greenwind S.A., an affiliate of Pampa Energía S.A. and Castlelake L.P., to construct, operate and maintain the 100 MW Corti Wind Farm in Bahía Blanca, province of Buenos Aires, Argentina.

This marks the first project the IIC finances in RenovAr 1, as well as the first financing of this tender from international lenders. Launch in 2016 by the government of Argentina, the RenovAr Program aims to increase investments in large-scale solar and renewable energy projects in the country.

The financing includes an A loan of US$31.5 million and a B loan of US$72.5 million from Banco Santander and Industrial and Commercial Bank of China (ICBC). Both the A and B loans offer a tenor of 9 years door-to-door, a term unprecedented in Argentina.

This project aims to increase and diversify Argentina’s energy matrix, with the supply of renewable energy (NCRE) and avoid 212,931 tons of CO2 emissions per year during project life. This will contribute to Argentina’s goal of generating 20 percent of its energy from NCRE renewable energy sources by 2025.