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IIC finances Pampa Energia’s Corti Wind Farm in Argentina

Published 20 October 2017

The Inter-American Investment Corporation (IIC) has signed a $104m financing package for Greenwind, an affiliate of Pampa Energia and Castlelake, 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.

Source: Company Press Release