Altiplano 200 Solar Power Plant

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The project involves the development, construction and operation of a 208 MW solar power plant called Altiplano 200 located in the Salta province of Argentina. Altiplano 200 solar power plant has been formed through the merger of 2 projects awarded to Neoen in the RenovAr 1 and RenovAr 2 competitive tenders in Argentina - namely La Puna (107 MWp) and Altiplano (101 MWp). The construction of the plant is underway and completion is expected in Q1 2020. The plant will be connected to the country’s high-voltage grid and will sell electricity to national power grid operator CAMMESA under 20 years power purchase agreement (PPA). Neoen SA is the sole sponsor. The project cost is $ 234 million (excluding borrowing costs) and it will be funded by 2 tranches of senior debt. The first tranche will be provided by Proparco ($50 million), DEG and several other European development banks through the Interact Climate Change Facility (ICCF). The second tranche, which accounts for over half of the financing, will be provided by Société Générale and KfW IPEX-Bank and it carries a buyer credit guarantee from French export credit agency Bpifrance Assurance Export (BPIAE). In addition, the project will be covered by a $76 million guarantee from the World Bank. Astris Finance, White and Case, Martinez de Hoz y Rueda, Artelia, Filhet-Allard, PricewaterhouseCoopers, EOS Energia and Ester advised Neoen. Clifford Chance, Bruchou, Fernández Madero & Lombardi, GAdvisory, Mercados Energeticos, Indecs and Mazars advised the lenders. Financial close was announced on 17 May 2019. https://www.neoen.com/var/fichiers/media-release-altiplano-17may2019.pdf https://www.proparco.fr/en/proparco-finances-construction-new-large-scale-solar-power-plant-argentina https://www.cliffordchance.com/news/news/2019/05/clifford-chance-advises-on-financing-of-the-altiplano-la-puna-so.html