Argentina: Bruchou & Funes de Rioja advised in Genneia S.A. US$ 85,000,000 facility from FMO and FINDEV
Genneia S.A. (“Genneia”), leading Argentine company specialized in providing sustainable energy solutions, obtained a financing of up to US$ 85,000,000 from Nederlandse Financierings - Maatschappij voor Ontwikkelingslanden N.V. ("FMO") and Development Finance Institute Canada (DFIC) Inc. ("FINDEV"), for the development and construction of the wind farms “La Elbita I” & “La Elbita II” and the solar farm “Tocota III” (the “Facility”).
The wind farms, “La Elbita I” & “La Elbita II”, has a total output of 140 MW of combined generation capacity and are located in the Buenos Aires province, and the solar farm, “Tocota III”, has a total output of 60 MW PV and is located in the San Juan province.
The security package for the Facility includes a security trust for the assignment of certain receivables of Genneia arising from certain power purchase agreements under the Mercado a Término de Energía Eléctrica de Fuente Renovable (MATER) (the “Security Trust”).
Once the wind farms “La Elbita I” & “La Elbita II” and the solar farm “Tocota III” are developed and construed, Genneia will be the first Argentine company to reach 1,100 MW of installed capacity from renewable sources, thanks to its 11 renewables farms distributed throughout Argentina.
This transaction is also FINDEV's first financing to an Argentine company.
Matías López Figueroa, partner at Bruchou & Funes de Rioja, said “It is a privilege to have worked with FinDev in its first financing in Argentina, as well as to assist FMO, once again, in a transaction that expands its financing portfolio focused on the development of Argentina's renewable energy matrix.” Leandro E. Belusci, senior associate at Bruchou & Funes de Rioja, adds, “We are honored to have participated in this important financing related to two projects that will play a very important role in Argentina's energy transition.”
FinDev Canada is Canada’s bilateral development finance institution. It supports development through the private sector in emerging markets and developing economies with financing, investment, blended finance solutions and technical assistance. It aims to promote sustainable and inclusive growth with a focus on climate action, women’s economic empowerment, and market development in alignment with the Sustainable Development Goals and Paris Agreement commitments. FinDev Canada is a Canadian Crown corporation and subsidiary of Export Development Canada (EDC).
FMO is the Dutch entrepreneurial development bank. FMO supports sustainable private sector growth in developing countries and emerging markets by investing in ambitious projects and entrepreneurs. FMO focuses on three sectors that have high development impact: financial institutions, energy, and agribusiness, food & water.
Counsel to Genneia
In-house counsel to Genneia, Eduardo Segura, Delfina Aira and Matías Fraga.
Bruchou & Funes de Rioja
On banking & finance matters, partner Matías López Figueroa, on tax matters, partner Daniela Rey and on regulatory matters related to the energy sector, partner Ignacio Minorini Lima.
On banking & finance matters, associates Leandro E. Belusci and Branko Serventich, on tax matters, associates Pablo Muir and Cecilia Calosso, and on regulatory matters related to the energy sector, Manuel Mazza.
In-house counsels to FMO, María Fernández-Daza de Flórez y Sabrina Klein.
In-house counsel to FINDEV, Theodore Colombo and Riccardo Lento.