Power generation company Genneia has secured financing for three renewable projects it is developing in Argentina.
The sponsor landed a loan of up to $85 million from the Dutch Entrepreneurial Development Bank (FMO) and the Development Finance Institute Canada (DFIC). The financing will support the construction, commissioning and operation of the Tocota III and La Elbita I and II projects.
Located in the San Juan province, Tocota III is a 60MW solar asset expected to come online in the first quarter of 2024.
The La Elbita I and II wind projects will have a combined capacity of 139.5MW, and are located in the province of Buenos Aires. The projects are set to start operating in the second quarter of 2024.
Together the projects represent an investment of about $260 million. The freshly acquired financing will complement the $73 million the company issued in bonds earlier this month for the same purpose (PFR, 2/7).
The developer had previously landed $50 million in bonds to finance the three projects (PFR, 11/9). In Argentina, Genneia operates a 866MW portfolio of renewable assets that will exceed 1GW once the projects in development come online.