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. (PFR 4/19)

The San Juan project has a 20-year power purchase agreement.


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 Invest.

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