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

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.

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 -- known as Loma Blanca IV -- had 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 financing from CDB, on the other hand, was supposed to support the Loma Blanca I and Loma Blanca III wind farms.

Then, in 2016, Isolux Corsan sold their Argentine assets, including the Loma Blanca I and III projects, to Sideli SA and Sidsel SA, which later sold them to Goldwind. This follows financial troubles from Isolux Corsan, which eventually applied to begin bankruptcy proceedings in 2017.

In 2018, construction on Loma Blanca I and III, as well as Loma Blanca II, Loma Blanca VI, and Miramar Wind Farm began with Goldwind as project owner and PowerChina as EPC contractor, financed with a new syndicated loan from Bank of China and Banco Santander (captured via Record ID#105531). The status of the debt contracted by Isolux Corsan for the Loma Blanca I and III projects from CDB is unknown.