Genneia raises US$70 million through green bonds

Argentine renewable energy company Genneia has successfully placed US$70 million in Class L Local Green Corporate Bonds. This amount is more than double the company's initial target of US$30 million.

The funds are earmarked for the development of Battery Energy Storage Systems (BESS) under the AlmaGBA and AlmaSADI programs. These projects aim to accumulate electricity for use during peak demand periods, which is intended to mitigate electrical grid constraints, reduce interruption risks, and improve overall system stability and reliability.

The bonds carry a fixed annual interest rate of 6.25%, with semi-annual payments over a 36-month term. This operation brings Genneia's total accumulated green financing to US$1.35 billion. Macro Securities acted as the organizer and placer, with participation from various financial institutions including Banco de la Provincia de Buenos Aires, Banco Santander, and Banco Galicia.