The lenders that provided a $39.4 million 'B’
loan to China’s Jinko Solar for
its 80 MW San Juan solar project in Argentina included a
Chinese bank and a unique international institution.
They are Bank of China and
the Corporación Interamericana para el
Financiamiento de Infraestructura
(Cifi), a middle-market infrastructure
investor owned by a group of commercial and multilateral
institutions and investment funds.
Conceived by Spain's Bankia in
2001, Cifi has committed in excess of $1.5 billion to more than
600 infrastructure projects. The institution relocated its
headquarters from Washington, D.C., to Panama City in 2016.
Bank of China and Cifi joined IDB Invest,
part of the Inter-American Development Bank
group, and the IDB Invest-administered Canadian Climate
Fund for the Private Sector in the Americas
(C2F) in providing $60.15 million of financing with tenors
of up 15 years.
IDB Invest said last week that this is the longest loan with
commercial bank participation ever signed under
Argentina’s RenovAr program.
The San Juan project has a 20-year power purchase
Elsewhere in Argentina’s renewable sector, IDB
Invest, C2F and the International Finance
Corp. have provided $50.7 million in financing to
the 48 MW Achiras wind project, which Central
Puerto is developing.
The project includes an 8.7 mile transmission line as well
as the wind farm.
The financing comprises a $20 million IDB Invest loan, $10
million from C2F and $20.7 million from the IFC. The loans have
already been fully disbursed.
The deal has a maturity of up to 15 years, a tenor that "is
not available in local capital markets," according to IDB