IDB Invest finances the construction of an 80 MW solar plant in Argentina
IDB Invest, a member of the Inter-American Development Bank (IDB) Group, finances the construction, operation and maintenance of Cordillera Solar I, an 80MW solar photovoltaic plant in the province of San Juan, in Argentina. The project is developed by Jinko Solar, a global leader in the production of photovoltaic modules. This is Jinko Solar’s first investment in Latin America’s Southern Cone.
The financing consists of an IDB Invest loan of $10.75 million and the mobilization of loans from international commercial entities for $39.4 million. Both include tranches of senior and subordinated debt. In addition, there is a third senior financing of $10 million from the Canadian Climate Fund for the Private Sector in the Americas (C2F), administered by IDB Invest to finance climate-friendly projects in Latin America and the Caribbean.
The operation has a tenor of up to 15 years and constitutes the longest loan with the participation of commercial banks for a project of the RenovAr program, an Argentine government initiative to diversify the country's energy matrix. The participation of the C2F Fund in the same terms and conditions as IDB Invest’s senior loan has been fundamental for financial closing.
The project, awarded in a competitive tender, will displace the equivalent of 2.38 million tons of carbon dioxide in the next 20 years. Cordillera Solar I will also contribute to the sustainability and security of power generation in Argentina, producing electricity at more competitive prices than other alternative energy sources.
The participation of IDB Invest has made possible the extension of the tenor, guaranteeing the financial viability of the project. It has also been instrumental in mobilizing senior and subordinate commercial lenders. IDB Invest also contributes to strengthening the sustainability of the project through the application and verification of required environmental and social standards.
About IDB Invest
IDB Invest, the private sector institution of the Inter-American Development Bank (IDB) Group, is a multilateral development bank committed to supporting Latin America and the Caribbean businesses. It finances sustainable enterprises and projects to achieve financial results that maximize economic, social and environmental development for the region. With a current portfolio of $11.2 billion under management and 330 clients in 23 countries, IDB Invest works across sectors to provide innovative financial solutions and advisory services that meet the evolving demands of its clients. As of November 2017, IDB Invest is the trade name of the Inter-American Investment Corporation. www.idbinvest.org
About Jinko Solar Holding Co., Ltd.
Jinko Solar (NYSE: JKS) is a global leader in the solar industry. Jinko Solar distributes its solar products and sells its solutions and services to a diversified international utility, commercial and residential customer base in China, the United States, Japan, Germany, the United Kingdom, Chile, South Africa, India, Mexico, Brazil, the United Arab Emirates, Italy, Spain, France, Belgium, and other countries and regions. Jinko Solar has built a vertically integrated solar product value chain, with an integrated annual capacity of 7 GW for silicon ingots and wafers, 4.5 GW for solar cells, and 8 GW for solar modules, as of September 30, 2017.