Chimbera Solar Park

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The Argentine company 360 Energy agreed to develop the Chimbera Solar Park in the San Juan Province (departamento 25 de Mayo). The project envisaged the construction of three solar units: Chimbera I, Chimbera II and Chimbera III (with 2 MW, 3 MW and 5 MW in capacity, respectivelly). The equipment supplier for the Chimbera I power plant was the Norwegian company REC. The sponsor signed a 15-year power purchase agreement to sell electricity to the national grid under the government program GENREN in 2009. The following special purpose companies were created to manage the power plants: Chimbera I - Generacion Eolica S.A. Chimbera II - Generacion Solar San Juan S.A. Chimbera III - Nor Ardyl Solar S.A. Operations of Chimbera I commenced in July 2013, and the sponsor invested US$ 10 million in the project. In 2012, the Argentine bank BICE had approved a US$ 8 million loan to finance the project. The project applied for carbon credit in February 2012.