Neoen, France’s leading independent producer of renewable energy, and one of the fastest-growing worldwide has reached the financial closed for Altiplano 200, a 208 MWp solar farm located in the Salta province of Argentina.
The solar farm was formed through the merger of the La Puna (107 MWp) and Altiplano (101 MWp) projects awarded to Neoen in the RenovAr 1 and RenovAr 2 competitive tenders. The solar power plant will be connected directly to Argentina’s high-voltage grid and will sell the electricity it generates to national power grid operator CAMMESA. Its power purchase agreements have a term of 20 years. The power plant will be built under a turnkey agreement with Altiplano Solar GenSun TSK, a Franco-Spanish consortium formed by GenSun and TSK. The trackers, cables and high-voltage equipment for the power plant will be supplied by French partners. The power plant will also make use of components supplied by Argentinean manufacturers
Altiplano 200 represents a total investment of US$234 million, excluding borrowing costs. Two tranches of non-recourse senior debt have been arranged to fund the project. Proparco, DEG and ICCF will provide the first tranche, and Société Générale and KfW the second. A BPIAE buyer credit guarantee will cover the second tranche up to 95%. It is one of the first solar photovoltaic power plants in the world to qualify for the benefit of this type of financing. In addition, Altiplano 200 will be covered by a US$76 million guarantee from the World Bank.
Astris Finance, White and Case, Martinez de Hoz y Rueda, Artelia, Filhet-Allard, PricewaterhouseCoopers, EOS Energia, and Ester advised Neoen. Clifford Chance, Bruchou, Fernández Madero & Lombardi, G-Advisory, Mercados Energeticos, Indecs, and Mazars advised the lenders.
