CDB provides $261 million loan for Loma Blanca Wind Farms I and III Project

In 2012, China Development Bank agreed to provide a $261 million loan to Grupo Isolux Corsan SA (a company from Spain) for the Loma Blanca Wind Farms I and III Project. This loan carried the following terms: 12 year maturity, 2 year grace period, and interest rate of LIBOR plus 600 basis points. The annual 6 month LIBOR average for 2012 was used to calculate interest rate and is valued at 0.687%. So the total interest rate is 0.687% plus 6% which equals 6.687%. The project will use 100 megawatts of turbines from Xiangtan, China-based XEMC Windpower Co. The Isolux Corsan company will handle construction and implementation duties for the wind generator plant, which will be built in Chubut, Argentina and produce 100 MW of electricity. The project will be financed according to a debt-equity ratio of 80/20. According to a Group Isolux Corsan's report on July 24, 2013, the first of the four 50 MW modules making up the Loma Blanca project has started generating energy, and the financing for the first 50 MW wind farm was obtained from the issuing of bonds in the Argentine market. The first 50 MW wind farm project is referred to as Loma Blanca IV, while the financing from CDB was supposed to go to Loma Blanca I and Loma Blanca III. In 2018, it was also reported that Goldwind, a Chinese company, had acquired Loma Blanca I,II, III, VI. Goldwind then hired PowerChina as an EPC contractor to implement the 4 wind farms. However, it is not clear if that means that Loma Blanca I and III was not completed with CDB financing in 2013.

Number of official sources

4

Number of total sources

10