IIC finances Pampa Energía’s Corti Wind Farm in Argentina under RenovAr Program
The Inter-American Investment Corporation (IIC), acting on behalf of the IDB Group, signed a $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 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 $31.5 million and a B loan of $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.
About the Inter-American Investment Corporation (IIC)
The Inter-American Investment Corporation (IIC), a member of the Inter-American Development Bank Group (IDB Group), is a multilateral development bank committed to supporting the private sector in Latin America and the Caribbean. The IIC finances sustainable enterprises and projects to achieve financial results that maximize social and environmental development for the region. With a current portfolio of $11 billion under management and 350 clients in 21 countries, the IIC works across sectors to provide innovative financial solutions and advisory services that meet the evolving demands of its clients.
About Pampa Energía
With nearly 12 years of history, Pampa is the leading integrated energy company in Argentina. Pampa retains a solid market share in the 3 key sub-sectors of the energy industry in Argentina: power generation, transmission and distribution, and specializes in the exploration and production of oil and gas, midstream of hydrocarbons as well as refining, marketing and petrochemicals. With the acquisition of Petrobras assets in Argentina in 2016, Pampa has now become the largest integrated independent energy company in the country. Pampa is also developing a strong portfolio of Renewable Energy, of which the Corti Wind Farm is the first project.