CIFI, a primary non-bank financial institution in Latin America and the Caribbean, specializing in infrastructure and energy financing, acting as Mandated Lead Arranger, led the structuring and syndication process for the financing of the Santa Rosa biomass project. The financing led by CIFI will provide funds for the development, construction and start of the operations of an 18MW biomass power plant located in Santa Rosa, Province of Corrientes, Argentina.
The Plant aims to deliver around 118GWh/yr, the equivalent to supplying approximately 19,600 households, and is expected to start commercial operation by January 2020. Fuel for the Plant will come primarily from woodchips and sawdust, current byproduct of the local sawmill (Aserraderos) industry. This byproduct is currently burned in open spaces, creating health and environmental hazards for the local Santa Rosa community, and the Plant aims to reducing these effects.
The project will be located at the center of the Forest-Industrial Park of Santa Rosa, an initiative promoted by the government of Corrientes to develop the local sawmill industry. As it will create more than 40 direct and 120 indirect jobs, the biomass plant will become one of the largest establishments in the region. Finally, once the project starts generating and injecting energy at the local substation, it aims at improving the local electricity network increasing its reliability and reducing blackouts and brownouts in the region.
Borrower: Genergiabio Corrientes S.A.
Sponsors: Bas Project Corporation (Spain) and Papelera Mediterránea (Argentina)
Project Cost: US$67.8M
Banco de Inversión y Comercio Exterior (BICE) – Argentina
Banco de la Ciudad de Buenos Aires – Argentina
Banco Itaú Argentina – Argentina
Compañía Española de Financiación del Desarrollo (COFIDES) – Spain