La Genoveva (IFC-41190)

Countries
  • Argentina
Where the impacts of the investment may be experienced.
Financial Institutions
  • International Finance Corporation (IFC)
International, regional and national development finance institutions. Many of these banks have a public interest mission, such as poverty reduction.
Project Status
Proposed
Bank Risk Rating
A
Risk rating varies among banks and may refer only to the particular investment and not to the risk for the project as a whole. Projects marked 'U' have an 'Unknown' risk rating at the time of disclosure.
Borrower
Central Puero S.A
The holder of the loan, grant, or other investment.
Sectors
  • Energy
  • Infrastructure
The service or industry focus of the investment. A project can have several sectors.
Investment Type(s)
Loan
The categories of the bank investment: loan, grant, etc.
Loan Amount (USD)
$ 76.00 million
Value listed on project documents at time of disclosure. If necessary, converted to USD$. Please review updated project documents for more information.
Project Cost (USD)
$ 120.00 million
Value listed on project documents at time of disclosure. If necessary, converted to USD$. Please see updated project documentation for more information.
Primary Source

Original disclosure @ IFC website

Updated in EWS Dec 14, 2018

Disclosed by Bank Nov 30, 2018


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Project Description

According to the bank, La Genoveva wind farm (the “Project”) is the third project awarded to Central Puerto S.A. (“CP” or the “Sponsor”) in the RenovAr auctions (“RenovAr” or the “Program”). The project will be located 30km northwest of the city of Bahia Blanca in Buenos Aires province. This is the third IFC investment on wind farms in Argentina with Central Puerto, and the first two investments were Achiras (Cordoba province) and La Castellana, also in Buenos Aires province. IFC will be financing first phase of La Genoveva wind farm complex, which will be split in two sub projects called La Genoveva I and II. Combined total power generation capacity of both projects will be 130 MW, and , 88,2 MW each phase, and both projects expect to export 532.198 MWh/year to the national grid (362.234 MWh/year each phase). Total area of La Genoveva wind farm is 3008 ha, whilst La Genoveva I will use 1410 ha, which is mainly covered with open grass land with small fragments of shrub woodland. The land has been retained under long term lease contract with private owners (local farmers), which can still use the surrounding area for cattle ranching. Each development phase (La Genoveva I and II) will use 21 Vestas wind turbine generators with 4,2 MW capacity each. Wind turbines are supported by 130-meter tubular towers and run by three blades with total 132- meter diameter. All electrical cables connecting the towers to the substation will be buried. The energy generated by all wind turbo generators (WTG) will be stepped up from 33KV to the transmission voltage of 132KV at the substation, which will be located 50m away from an existing transmission line connected to the national grid.

Investment Description
  • International Finance Corporation (IFC)

The total project cost is estimated at approximately US$120 million. IFC is considering providing up to US$30 million in the form of an A Loan, a syndicated loan of US$31 million and a US$15 million loan from IFC acting in its capacity as implementing entity for the Managed Co-Lending Portfolio Program. IFC would also provide an interest rate swap to hedge the project debt.

Private Actors
Contact Information

ACCOUNTABILITY MECHANISM OF IFC

The Compliance Advisor Ombudsman (CAO) is the independent complaint mechanism and fact-finding body for people who believe they are likely to be, or have been, adversely affected by an IFC or MIGA- financed project. If you submit a complaint to the CAO, they may assist you in resolving a dispute with the company and/or investigate to assess whether the IFC is following its own policies and procedures for preventing harm to people or the environment. If you want to submit a complaint electronically, you can email the CAO at CAO@worldbankgroup.org. You can learn more about the CAO and how to file a complaint at http://www.cao-ombudsman.org/