Total Eren, KFW, FMO and KFW Ipex Agree on Non-Recourse Project Financing for the Wind Project “Malaspina I”
February, 2019 - Buenos Aires, Argentina
Buenos Aires, 22 February 2019. On February 8th, the French renewable energy group Total Eren announced the closing of an agreement with the international banks KfW and FMO for the financing of the “Malaspina I” wind project, worth up to US$103,690,583.78.
Central Eólica Pampa de Malaspina S.A.U. was awarded a Renewable Electricity Purchase Agreement within the framework of Resolution No. 202-E/2016 of the former Argentine Ministry of Energy and Mining (now reorganized as the Energy Secretariat). The company will use the funds to build a wind farm in the province of Chubut, Argentina, with a nominal capacity of 50.4 MW, consisting of 14 wind turbines supplied by the company Senvion with a nominal capacity of 3.6 MW each.
KfW IPEX Bank and FMO organized the financing with the features and guarantees of a non-recourse project finance, combining two 15-year credit lines: one as an export credit, granted by KfW and guaranteed by Euler Hermes through a comprehensive political and commercial export credit insurance; and another granted by the Dutch development bank FMO. KFW IPEX Bank participates as facility agent and offshore security agent, and the branch of Citibank, N.A. established in the Argentine Republic acts as trustee and onshore security agent.
Counsel to Central Eólica Pampa de Malaspina
In Argentina
• Beccar Varela: team composed of partner Roberto A. Fortunati, senior associates Daniel Levi and Nicolás Rukavina Mikusic and intermediate associate Dolores Rapetti Crossa, in collaboration with the firm’s tax team, led by partner Santiago L. Montezanti, assisted by senior associate Enrique Lopez Rivarola and semi senior associate María Luján Callaci.
• In-house counsels Thierry Clementz, Grietje van de Wiel, Matías Borderes and María Florencia Warner Vieyra.
In Germany
• CMS: team composed of partner Marc Riede and senior associate Julia Runge.
Counsel to Banks
In Argentina
• Bruchou, Fernández Madero & Lombardi: team composed of partner José María Bazán and associates Cristian Ragucci, Federico Trebucq and María Florencia Guevara. Advice on regulatory matters by partner Ignacio Minorini Lima and associate Eliana Hougassian. Advice on tax matters by partner Daniela Rey and associate Pablo Muir.
In Germany
• Watson Farley & Williams LLP: team composed of partner Stefan Kilgus and associate senior Pascal Unger.
Counsel to trustee and onshore security agent
• Tanoira Cassagne Abogados: team composed by partner Alexia Rosenthal and associate Ignacio Criado Diaz.
• In-house counsels: Carlos María Vassallo and Cecilia Diaz Llamosas.
