Altiplano 200 solar PV plant closes DFI/ECA-backed loan
Neoen closed an approximately $165 million non-recourse ECA/DFI-backed loan to finance the construction of the 208MWp Altiplano 200 solar PV plant in northwest Argentina on 16 May 2019.
The $234 million project, located in the province of Salta, is scheduled for operation in Q1 2020. Construction is already underway. Altiplano Solar GenSun TSK, a Franco-Spanish consortium formed by GenSun and TSK, was awarded the turnkey EPC contract.
The 15-year facility comprises two tranches: an uncovered DFI facility provided by Proparco ($50 million ticket), DEG, a subsidiary of KfW Group, and Interact Climate Change Facility (ICCF); and a Bpifrance-backed tranche with a 95% guarantee put up by Societe Generale and KfW, which accounts for more than half of the financing. White & Case provided legal counsel to the sponsors, while Clifford Chance acted for the lenders.
The scheme is backed by a 20-year PPA with state-owned offtaker CAMMESA under Argentian’s RenovAR programme. Altiplano 200 is also covered by a $76 million guarantee from the World Bank.
