Argentine power generation company Genneia said it will take out a loan for up to $85 million from two international development banks to help finance the construction of two renewable energy power plants.
The loan will be provided by the Dutch development bank FMO and Development Finance Institute Canada (FinDev Canada), according to a securities filing.
Genneia said it will use the money to build the 60 MW Tocota III photovoltaic solar plant in the western province of San Juan and the 162 MW La Elbita wind farm in the province of Buenos Aires.
In February, Genneia raised $73.4 million for these projects from the sale of 10-year green bonds in the local market. The dollar-linked notes, which are bought and paid back in Argentine pesos at the official wholesale exchange rate, priced at 4.5% over currency depreciation.
Genneia has borrowed before from FMO, taking out a 15-year loan $51 million in 2019 to finance the construction of the 38 MW Necochea wind power project.