Project Corti receives Power Finance Deal of the Year award.
The international publication Bonds & Loans, specialized in credit markets, recognized three projects of the Inter-American Development Bank (IDB). One of them, Corti, takes place in the city of Bahía Blanca. Doris Capurro (LUFT Energía) and Daniel Hanna (Pampa Energia) received the prize for the best energy transaction in Latin America and the Caribbean during 2017 for Corti.
Corti won the Power Finance Deal of the Year award and is the first project of Pampa Energía and LUFT (with the support of Castlelake) in Argentina. Funded with a loan from BID Invest, it managed to have a term of 9 years with commercial banks, the longest to date in Argentina. The total investment of the project amounts to 140 million dollars.
The works are very advanced, and its inauguration is imminent. It will be the first wind farm of this size (100 MW), awarded in Renovar 1, which enters into operation. It will have 29 state-of-the-art Vestas aero-navigators. According to Doris Capurro, Argentina is at the center of the scene regarding the development of renewable energies
“After major changes in the Argentine legislation, approved almost unanimously in Congress in 2015, an aggressive plan was launched to promote the development of alternative energies,” said the CEO and president of Luft Energía in a round table organized by the Institute of the Americas
Doris stressed that, in this context, it will be vital that the government control agencies have an active role in enforcing the execution commitments of the awarded works. “It is not just about winning tenders, but about meeting deadlines and executing the works in a timely manner,” said Luft Energía CEO
Corti was the first transaction financed within the framework of RenovAr, the Argentine government’s program to advance in the progressive transformation of the energy matrix in favor of renewable energies.
The prizes awarded by Bonds & Loans were organized in 17 categories, to which more than 300 projects were submitted, the selection of the winning works was made through an exhaustive selection process.