Vientos Los Hercules Wind Farm

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The project entails the development and operation of a 97.2 MW wind farm located in Santa Cruz, Argentina. The facility will generate around 400 GWh of electricity per year. EREN Renewable Energy will undertake the project on behalf of its shareholders - Total SA with 23%, and EREN Group with 77%. The Vientos Los Hercules project was among the 12 winning projects announced in October 2016 following the first round of the national RenovAR program. This competitive tender process had been launched by the Argentinean government in May 2016 in order to diversify the national electricity mix while lowering energy generation costs. The criteria for winning a contract was the lowest cost of unit of energy. As a result, EREN Renewable Energy signed a Power Purchase Agreement (PPA) for 20 years with the Argentinian administrator of the wholesale electricity market CAMMESA at the end of January 2017. The project will be financed through a combination of a 16-year limited recourse loan as an export credit facility arranged by KfW IPEX-Bank, guaranteed by Euler Hermes through a comprehensive political and commercial export credit insurance, and a 15-year parallel credit facility provided by the German development finance institution (DEG), and the Dutch development bank Nederlandse Financierings-Maatschappij voor Ontwikkelingslanden (FMO). Total investment is estimated at about $200 million. As of December 2017, no further financing details are available. The commissioning of the wind turbine is scheduled for the first quarter of 2019. On 27 December 2018, MIGA agreed to issue up to $ 24 million in guarantees. https://www.fmo.nl/news-detail/2d25741a-8b3b-4eed-a4a7-b4931102a670/financial-closure-for-97-2-mw-wind-project-in-southern-argentina https://www.kfw-ipex-bank.de/Internationale-Finanzierung/KfW-IPEX-Bank/Presse/News/Newsdetails_448768.html http://econojournal.com.ar/2017/12/total-construye-un-parque-eolico-de-97-mw-en-santa-cruz/ https://www.miga.org/project/vientos-los-hercules-sa Financial closure was confired by several sources, lenders are disclosed but the amounts they provided was not stated.