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    Genneia obtains financing from FinDev and FMO

    March 22, 2023 - CE Noticias Financieras


      The green energy company Genneia obtained US$85 million in financing for the construction of the La Ebita Wind Farm, south of the city of Tandil, in Buenos Aires, and the Tocota III Solar Farm, located in the province of San Juan, central-western Argentina.

      The Canadian bank FinDev and the Dutch bank FMO provided the funds for the operation and maintenance of the parks. The Argentine bank Comafi participated as trustee of the loan guarantee.

      In this transaction, registered on February 16, Genneia was legally advised by PAGBAM - Argentina (Buenos Aires), while Bruchou & Funes de Rioja - Argentina (Buenos Aires) participated as counsel to FindDev and FMO. Banco Comafi was advised by the Argentine firm Tanoira Cassagne.

      Both the borrower and the lenders received support from their respective in-house legal teams.

      Norton Rose Fulbright was reported to have participated as international counsel to FinDev and FMO, but it was not possible to confirm with the firm prior to publication of this note.

      Read also: Canacol Energy obtains new US$200 million credit facility

      The financing is the first that FinDev has granted to an Argentine company. It is a 10-year loan to develop farms that together will have 200 MW of installed capacity in renewable sources. Once in operation, it is expected that with the help of its 11 farms, Genneia will be the first Argentine company to generate 1,100 MW of installed capacity.

      Genneia was founded in 2012, after five years of operating in the thermal power and gas industry, it represents 18 % share in the provision of sustainable energy in Argentina.

      FinDev Canada is a private sector development bank focused on promoting sustainable growth, with an interest in climate action.

      Founded in 1970 in the Netherlands, FMO is also a development finance institution operating in global markets.

      Banco Comafi is an open market broker specializing in government securities trading and has been operating since 1985.

      Advisors advisors

      Counsel to Genneia S.A.:

      • In-house counsel: Eduardo Segura, Delfina Aira and Matías Fraga.
      • Perez Alati, Grondona, Benites & Arntsen - Argentina (Buenos Aires): Partners Diego Serrano Redonnet and Facundo Fernández. Counsel Tomás Fernández Madero. Associates Alejo Muñoz de Toro, Juan Ignacio Dighero and Florencia Gonzalez Klebs.

      Counsel to FinDev Canada and Nederlandse Financierings-Maatschappij Voor Ontwikkelingslanden N.V. (FMO):

      • In-house counsel to FinDev: Theodore Colombo and Riccardo Lento.
      • In-house counsel of FMO: María Fernández-Daza de Flórez and Sabrina Klein.
      • Bruchou & Funes de Rioja - Argentina (Buenos Aires): Partners Matías López Figueroa, Daniela Rey and Ignacio Minorini Lima. Associates Leandro E. Belusci, Branko Serventich, Pablo Muir, Cecilia Calosso and Manuel Mazza.

      Counsel to Banco Comafi S.A.:

      • Tanoira Cassagne Abogados - Argentina: Partner Alexia Rosenthal. Associates Ignacio Criado Díaz and Lucía Viboud Aramendi.


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