Genneia’s $131.5 Million Financing of Chubut Norte III & IV


Pérez Alati, Grondona, Benites & Arntsen, Clifford Chance, Tavarone, Rovelli, Salim & Miani, White & Case, Tanoira Cassagne Abogados and Alston & Bird advised on the deal

Genneia signed a long-term financing agreement for US$ 131 million for the construction of the Chubut Norte III & IV wind farms (141 MW). Both projects were awarded under RenovAr 2.0. Financing is provided at SPVs Vientos Patagónicos S.A. and Genneia Vientos Sudamericanos S.A.

The financing involves a 15-year guaranteed non-recourse loan granted by KfW. The KfW loan is guaranteed by the German Export Credit Agency Euler Hermes.

The non-recourse feature allows Genneia to continue growing with independence of its corporate resources. In order to achieve such separation, beyond the financial sophistication effort, the Project Finance process requires the effort and commitment from all areas in the company, both highly demanding in terms of Project Management as well as in the quality of Environmental and Social administration and monitoring practices.

This new milestone is in line with the strong relationship built with a group of ECAs, European DFIs and regional development banks such as EH, KfW, EKF, FMO, DEG and CAF that are supporting our successful expansion plan through Project Finance solutions. In the last twelve months, Genneia closed 3 long-term non-recourse project finance deals for approximately US$ 400 million.

Genneia is the leading renewable power generation company in Argentina. The Company is primarily engaged in the generation of electrical power from both renewable (wind and solar power) and conventional (thermal power) sources. As of July 2019, total installed capacity is 1,113 MW (498 MW of renewable and 615 MW of thermal).

In Argentina, Pérez Alati, Grondona, Benites & Arntsen

advised Genneia S.A. with Diego Serrano Redonnet (Picture) Danilo Parodi Logioco, Tomás Fernández Madero and Nicolás Aberastury.

Clifford Chance advised Genneia with José Guardo, Patricio Abal, Pablo Cancelo, Marta Martínez and Pablo Fekete.

Tavarone, Rovelli, Salim & Miani advised KfW IPEX-Bank with Marcelo Tavarone, Nicolás Eliaschev, María Paula Lusich, Javier Constanzó, Luciana Godoy, Beltrán Romero, Daiana Perrone and Juan Pablo Filippini.

White & Case advised KfW IPEX-Bank with Jeannine Acevedo, Chris Bergan and Ángeles Femenia.

In Argentina, Tanoira Cassagne advised Citibank with Alexia Rosenthal and Ignacio Criado Díaz.

Alston & Bird advised Citibank with Adam Smith, Bradley Johnson and Gina Masterson.

Involved fees earner: Bradley Johnson – Alston & Bird LLP; Gina Masterson – Alston & Bird LLP; Adam Smith – Alston & Bird LLP; Patricio Abal – Clifford Chance; Pablo Cancelo – Clifford Chance; Pablo Fekete – Clifford Chance; José Guardo – Clifford Chance; Marta Martínez – Clifford Chance; Nicolás Aberastury – Pérez Alati, Grondona, Benites & Arntsen; Tomás Fernández Madero – Pérez Alati, Grondona, Benites & Arntsen; Danilo Parodi Logioco – Pérez Alati, Grondona, Benites & Arntsen; Diego Serrano Redonnet – Pérez Alati, Grondona, Benites & Arntsen; Ignacio Criado Díaz – Tanoira Cassagne; Alexia Rosenthal – Tanoira Cassagne; Javier Constanzo – Tavarone, Rovelli, Salim & Miani; Nicolás Eliaschev – Tavarone, Rovelli, Salim & Miani; Ángeles Femenia – Tavarone, Rovelli, Salim & Miani; Juan Pablo Filippini – Tavarone, Rovelli, Salim & Miani; Luciana Godoy – Tavarone, Rovelli, Salim & Miani; María Paula Lusich Marinoni – Tavarone, Rovelli, Salim & Miani; Daiana Perrone – Tavarone, Rovelli, Salim & Miani; Beltrán Romero – Tavarone, Rovelli, Salim & Miani; Marcelo Tavarone – Tavarone, Rovelli, Salim & Miani; Jeannine Acevedo – White & Case;

Law Firms: Alston & Bird LLP; Clifford Chance; Pérez Alati, Grondona, Benites & Arntsen; Tanoira Cassagne; Tavarone, Rovelli, Salim & Miani; White & Case;

Clients: Citibank; Citibank Argentina; Genneia S.A.; KfW – DEG; KfW IPEX-Bank GmbH;

Author: Ambrogio Visconti.