VIENTOS DE NECOCHEA S.A. (FMO-55811)

Countries
  • Argentina
Where the impacts of the investment may be experienced.
Specific Location
Province of Buenos Aires
Whenever identified, the area within countries where the impacts of the investment may be experienced. Exact locations of projects may not be identified fully or at all in project documents. Please review updated project documents and community-led assessments.
Financial Institutions
  • Netherlands Development Finance Company (FMO)
International, regional and national development finance institutions. Many of these banks have a public interest mission, such as poverty reduction.
Project Status
Approved
Bank Risk Rating
B
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.
Voting Date
Aug 2, 2019
The estimate day the bank will vote on a proposed investment. The decision dates may change, so review updated project documents or contact the EWS team.
Borrower
Vientos de Necochea S.A.
The holder of the loan, grant, or other investment.
Sectors
  • Climate and Environment
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.
Investment Amount (USD)
$ 19.46 million
Value listed on project documents at time of disclosure. If necessary, converted to USD$. Please review updated project documents for more information.
Loan Amount (USD)
$ 19.46 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)
$ 84.20 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 @ FMO website

Updated in EWS Apr 2, 2020


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Project Description

The client is Vientos de Necochea S.A. ("Malaspina"), a Special Purpose Vehicle created to develop, construct and operate a 37.95MW wind power park in the Province of Buenos Aires, Argentina. The Sponsor and developer of the Project is Genneia, Argentina's largest wind power developer. TThe objective of FMO's and EKF's USD 51mln Senior Loan is to fund the development and construction of the Necochea project.

As part of the RenovAr program, Necochea will help to alleviate Argentina's dependence on fossil fuels and support Argentina's goal of reaching 20% of electricity produced from RenovAr projects by 2025. By decreasing the reliance on imported fuel and increasing electricity capacity at lower average cost of generation, the project is also expected to contribute to the economic growth of Argentina. FMO together with ICCF will potentially fund this project as there is no commercial long-term funding available.

Investment Description
  • Netherlands Development Finance Company (FMO)

The expected Total Project Costs are expected to be around USD 84.2m. The objective of FMO’s and EKF’s USD 51mln Senior Loan is to fund the development and construction of the Necochea project.

Private Actors
Contact Information

ACCOUNTABILITY MECHANISM OF FMO

Communities who believe they will be negatively affected by a project funded by the Dutch Development Bank (FMO) may be able to file a complaint with the Independent Complaints Mechanism, which is the joint independent accountability mechanism of the Dutch Development Bank (FMO) and the German Investment Corporation (KfW) . A complaint can be filed in writing, by email, post, or online. The complaint can be filed in English or any other language of the complainant. The Independent Complaints Mechanism is comprised of a three-member Independent Expert Panel and it can provide either problem-solving, compliance review or both, in either order. Additional information about this accountability mechanism, including a guide and template for filing a complaint, can be found at: https://www.fmo.nl/independent-complaints-mechanism