The leading national company in the renewable sector, Genneia announced the successful placement of green bonds for 73 million dollars. With the proceeds they will finance the construction of two new renewable projects. «Very long-term financing was obtained with a very attractive rate of 4.5%“, they celebrated from the signing.
«The solid financial results and the attractiveness of investing in sustainable infrastructure projects allowed the company to obtain new financing“, they explained. These are Negotiable Obligations (ON) for the equivalent of US$ 73 million. So exceeded its initial goal of US$ 60 million, “Demonstrating once once more the confidence that the market has in the company”, they highlighted.
These ONs will enter the control panel ByMA Social, Green and Sustainable Bonds (SVS), the local stock market that brings together the main players in the capital market and is the company’s seventh instrument classified as a green bond. So “Genneia has become the main issuer of these financial instruments“, they marked.
The two projects to be financed will be the first stage of the La Elbita wind farm (103.5MW) in Tandil, province of Buenos Aires and the Tocota III photovoltaic solar project (60MW) in the province of San Juan. The energy they produce will be for respond to the demand of large industrial users“contributing to the challenge of reducing its carbon footprint,” they said.
The Negotiable Obligations tendered by the company are characterized by being Class XXXVIII in dollar linked for US$73 million. They were tendered at a fixed interest rate of 4.5%, payable quarterly, with a duration of 120 months (10 years) and with principal maturity in 13 semi-annual installments beginning in month 48 of issuance. In turn, they were rated Moody’s Local AA-.ar with a stable outlook.
Mostly, the orders came from private and institutional investors “Interested in sustainable projects that generate a positive impact on the environment and help to mitigate climate change,” they detailed from the firm. This operation was carried out under the coordination of Banco Macro SA as organizerwhile Macro Securities acted as underwriter.
From Genneia they expressed that seek to “maintain their leadership vocation”. Last year, the company generated 20% of wind and solar renewable energy in Argentina, which positioned it as the Leading business on its field. It is currently executing an investment plan for US$350 million that “adds to the more than US$1100 million invested between 2016 and 2021,” they reviewed.
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