Argentine power producer Genneia has successfully issued USD 15 million (EUR 13.8 million) in green bonds, earmarked to finance two ongoing renewable energy projects. The green bonds carry a 0% fixed interest rate and will mature in May 2027, holding a Moody's Local rating of AA.ar, according to Genneia.
The proceeds from the green bonds will be directed towards 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. The combined investment for these projects is estimated at USD 290 million.
Earlier this year, Genneia had initiated funding efforts by issuing a green bond package worth USD 73 million and securing a loan of up to USD 85 million. These financial arrangements were specifically intended to support the development of the La Elbita and Tocota III projects.
The Tocota III solar farm is anticipated to commence operations in the first quarter of 2024, followed by the La Elbita wind farm in the fourth quarter of the same year, as per Genneia's projections.
Genneia currently boasts a portfolio of 784 MW of wind farms and 160 MW of solar farms in operation in Argentina, establishing itself as a key player in the country's renewable energy landscape. The recent issuance of green bonds reaffirms the company's commitment to sustainable energy development and aligns with its strategic initiatives for further growth in the sector.