As reviewed from the company, in the local market, the company issued two Green ONs in August, which are currently listed on the SVS panel of ByMA, for US $ 65 million. At that time, offers were received for $ 135 million. In December, the company issued two additional Green Notes, for a total of US $ 67 million, having received offers for US $ 100 million; Therefore, in 2021, the company issued local green bonds for an amount of US $ 132 million.
“The confidence shown by the market highlights the fact that the company successfully issued a 10-year bond at a cost of 5.65%. In Argentina, and since 2011, a bond was not issued for this term. This bond was highly demanded by institutional investors, investment funds and corporations who trust Genneia in the long term, since the average life of renewable projects is 25 years ”, they indicated from the firm.
On the other hand, by the end of August, Genneia reached an 83% adherence to the proposed exchange for its Negotiable Obligations due in January 2022, for a total of US $ 553 million. As a consequence of this result, the company issued, for a total of US $ 366 million, the NO Class XXXI, the first corporate green bond in Argentina in the international capital market.
“This new instrument will have a coupon of 8.75% and its maturity will be in September 2027, payable in 10 equal semi-annual installments. Likewise, this green bond is backed by the income from the Madryn Wind Farm, the largest in the country ”, they detailed from the company.
“The level of investor adherence exceeded the company’s initial expectations, which once again confirms the market’s confidence in Genneia. In addition to its intrinsic appeal as a green bond, the early exchange 5 months before maturity, the payment in cash and in bonds contributed to the success of the transaction. Said swap not only substantially reduces the refinancing needs of the company in 2022, but also decompresses the needs to use BCRA reserves ”, they remarked.
The company launched three wind projects between March and April of this year and announced days ago the construction of a new solar park in San Juan, with a capacity of 80 MW. In total, Genneia has 866 MW of installed power in 18 renewable projects.