IDB Invest, a member of the Inter-American Development Bank (IDB) Group, has agreed to finance an 80 MW solar project that Chinese solar manufacturer JinkoSolar is planning to build in Argentina.
According to the international financial institution, the operation consists of a loan of US$10.75 million, the mobilization of loans from international commercial entities for $39.4 million, and an additional third senior financing of $10 million from the Canadian Climate Fund for the Private Sector in the Americas (C2F), administered by IDB Invest itself.
IDB said its participation has made possible the extension up to 15 years, thus guaranteeing the financial viability of the project.
Jinko’s project was selected by the Argentinean government in the second auction round (Ronda 1.5) of the program for large-scale renewable energy projects, RenovAr. The solar plant will be located in Guañizuil, in the province of San Juan, and will sell power to the local wholesale electric market administrator, Cammesa at $54.10 MWh, under a 20-year PPA.
The project, which will be owned by the special purpose vehicle, Cordillera Solar I S.A., includes the construction of a 132kV 15 km transmission line, to be located near the City of Las Flores, Departamento de Iglesia. Jinko expects to finalize work on the facility in the third quarter of this year, in line with the commercial operation date committed in the PPA, which is January 1, 2019.