Argentine power producer Genneia has issued USD 15 million (EUR 13.8m) in green bonds to raise funds for two renewable energy projects currently under construction.
The bond has a 0% fixed interest rate and matures in May 2027. It was rated AA.ar by Moody’s Local, Genneia said.
The company will use the proceeds to finance the construction of the 162-MW La Elbita wind farm in Buenos Aires province and the 60-MW Tocota III solar photovoltaic plant in San Juan. These projects represent an estimated investment of USD 290 million.
Earlier this year, Genneia issued a green bond package for USD 73 million and secured a loan of up to USD 85 million to finance the works on La Elbita and Tocota III.
The Tocota III solar farm is expected to commence operation in the first quarter of 2024. La Elbita is due to follow in the fourth quarter of the same year, Genneia said.
At present, Genneia has 784 MW of wind farms and 160 MW of solar farms in operation in Argentina.
(USD 1.0 = EUR 0.917)
