The Project consists of the construction, operation and maintenance of an 80 MWac (93.3MWp) solar photovoltaic (PV) plant and its associated facilities, including a 132kV 15km transmission line to be located near the City of Las Flores, Departamento de Iglesia, San Juan, Argentina (the “Project”). IIC is considering providing a USD [10M] 15-year senior project loan, and potentially a subordinated loan. IIC is playing a pivotal role in structuring the financing and mobilizing additional lenders to complete the financing package, including co-lenders, B-lenders, VAT lenders and climate funds. The Project would be the largest solar PV plant in Argentina financed under a limited-recourse project finance structure. With this, along with other renewable energy projects IIC is currently structuring in Argentina, IIC aims to demonstrate the viability of this type of financing in the new regulatory, economic and investment conditions in Argentina, including those established under Renewable Energy Law 27.191 and the RenovAr program.
Brief Project Description:
The Project will be owned by Cordillera Solar I S.A. (the “Borrower”) a vehicle indirectly owned by JinkoSolar Holding Co., Ltd. (the “Sponsor” or “JinkoSolar”). The Borrower signed a 20-year power purchase agreement (“PPA”) with the wholesale electric market administrator (“CAMMESA”) to inject energy to the national interconnection system (¨SADI¨) via the 132 kV Bauchaceta substation, located near the City of Las Flores, Departamento de Iglesia, San Juan, Argentina. The PPA was awarded to the Borrower following an international competitive bidding process launched by the Government of Argentina for the RenovAr 1.5 Program, at a price of USED 54.10 MWh. The project aims to complete construction and be commissioned in the third quarter of 2018, in line with commercial operation date committed in the PPA.