Central Puerto obtains financing for the 88 MW La Genoveva Wind Project from IFC
June 27, 2019 — Vientos La Genoveva I, a subsidiary of Central Puerto has obtained financing form IFC, a member of the World Bank, for the construction of La Genoveva I project, a wind farm awarded under Round 2 of RenovAr program.
The 88 MW La Genoveva I project sponsored by Central Puerto S.A., is located close to Bahía Blanca, in the southern part of the province of Buenos Aires and is expected to be operational by May 2020. Once completed, La Genoveva I will inject approximately 390 gigawatt-hours of electricity per year into Argentina’s electricity grid, contributing towards the Government of Argentina’s target of achieving 20% of its total generation from renewable sources by 2025.
IFC provided the totality of the long-term financing package for La Genoveva, including an own-account $30 million A Loan and a $46.1 million facility from IFC’s Managed Co-Lending Portfolio Program (MCPP). The financing marks the third opportunity through which IFC has partnered with Central Puerto to construct a wind farm in the country; both prior projects (100.8 MW La Castellana and 48 MW Achiras) have been completed and are now fully operational.
“IFC continues to provide its support to the Government of Argentina’s successful RenovAr program through the financing of La Genoveva, which is particularly important at a time of significant volatility in Argentina’s financial markets”, said David Tinel, Regional Manager for IFC. “Our presence in the country is characterized by our counter-cyclical financing role and long-term partnerships with companies such as Central Puerto. We expect this will encourage other financial institutions to increase their financing to Argentina, fulfilling our role as a catalyst of private capital.”
“Central Puerto is engaged in a major effort to add significant renewable energy capacity, both through the RenovAr and MATER programs, consistent with the Government of Argentina’s objectives of diversifying the country’s energy generation matrix”, said Fernando Bonnet, Chief Financial Officer of Central Puerto. “Under the RenovAr and MATER schemes the company has already added 149 MW to its installed capacity and is additionally developing 237 MW of wind and solar photovoltaic projects. Central Puerto is pleased to count on IFC as a reliable financing partner in the development of several of these projects.”
About Central Puerto
Central Puerto S.A. is one of the largest private sector power generation companies in Argentina, as measured by generated power, with a current installed capacity of 4,092 MW, and 800 MW under construction. Central Puerto’s assets are well diversified both geographically and technologically, with facilities distributed across the City of Buenos Aires and the provinces of Córdoba, Mendoza, Neuquén, Río Negro, and Santa Fe and a mix of combined cycle, gas turbines, steam turbines, hydroelectric plants, co-generation units and wind farms. Central Puerto is listed on both, the New York and Buenos Aires stock exchanges, under the ticker symbol CEPU. For more information visit www.centralpuerto.com.
IFC—a sister organization of the World Bank and member of the World Bank Group—is the largest global development institution focused on the private sector in emerging markets. IFC works with more than 2,000 businesses worldwide, using its own capital, expertise, and influence to create markets and opportunities in the toughest areas of the world. In fiscal year 2018, IFC delivered more than $23 billion in long-term financing for developing countries, leveraging the power of the private sector to end extreme poverty and boost shared prosperity. For more information, visit www.ifc.org.