Total Eren, a leading renewable energy Independent Power Producer (“IPP”) based in Paris, is pleased to announce the successful closing of the financing of its 50.4 MW “Malaspina” wind project in southern Argentina. The USD 138 million project is being financed by KfW IPEX-Bank and the Dutch development bank (FMO).
The “Malaspina” wind farm is located in Chubut, one of the five Patagonian provinces which lies on the Atlantic coast and where average wind speeds can exceed 10 m/s. The 50.4 MW “Malaspina” wind farm, representing an investment cost of around USD 138 million, is co-financed by KfW IPEX-Bank and FMO. While KfW IPEX-Bank is contributing a tranche of around USD 64 million, 95 % of which is covered by Euler Hermes, FMO provides USD 40 million.
Markus Scheer, member of the Management Board of KfW IPEX-Bank in charge for Power, Renewables and Water, stated: “We are pleased about the successful financial closing of the Malaspina wind project for several reasons: The collaboration with Total Eren and FMO was both constructive and expedient. At the same time, the wind farm underscores our commitment to environmental and climate protection as well as KfW IPEX-Bank’s role as supporter of European exports. In the past 12 months KfW IPEX-Bank has financed five wind farms in Argentina with a total capacity of around 400 MW. This clearly shows our focus on the Latin American market and its relevance for the German and European export industry.”
The financing provided by KfW IPEX-Bank will be dedicated to the import of technology and equipment, which will be used for the construction of the project. The wind farm will be equipped with 14 type 3.6M114 wind turbines from the German company Senvion. The latter will also take over the maintenance and servicing of the wind farm for the duration of the loan term, which corresponds to 15 years upon commissioning. The construction of the farm is scheduled for completion during the third quarter of 2019.
Original source: KfW
Published on 21 February 2019
