SoEnergy Contributes to the Financing of $500MM for Electric Generation Projects in Argentina
The multinational leader in the energy sector strengthens its presence in Argentina by reaching an agreement with the acquisition of 40% of the Canadian company Stoneway, which currently has four ongoing projects in Argentina to build power plants capable of generating 686.5 total MW. In addition Soenergy has two other 60MW projects in Salto and Cordoba and several smaller plants in operation for 150MW. SIEMENS will be the technological partner.
This strategic move by SoEnergy enhances its position of international leadership, particularly in Argentina, where it has been operating for more than eight years. It brings operational and financial support to the projects awarded to the Canadian company by the Ministry of Energy and Mining, contributing with its experience in the Luján (127 MW), San Pedro (103.5 MW), Matheu (254 MW) and Las Palmas (202 MW) plants. With this new acquisition, together with the existing plants, the company will generate around 1GW of power in the country.
Stoneway's majority shareholders contributed with their financial experience to raising a total of $500 million through the issuing of international bonds, thus becoming the first company in more than a decade to successfully obtain such financing for an electric project in Argentina's electric sector. SoEnergy's technical capacity and expertise have been instrumental in making this financial structuring successful.
Currently, the works continue meeting the deadlines and all projects are developing according to plan. It is worth mentioning the participation of SIEMENS as manufacturer of the equipment and the key technological partner. In the words of Fabio Chavez, VP of Sales for Latin America, SIEMENS is "delighted to play an important part in this historical project providing its own efficient technologies".
For its part, Andres Molano, Chief Executive Officer of SoEnergy International stressed that "The biggest beneficiary of this agreement is Argentina itself, because they can rest assured that the projects are developed by the best companies in the sector; and at the same time the country begins to generate more confidence with the international financial markets".
SoEnergy International is a global energy services provider delivering customized solutions, including sale of energy, bridge and long-term power solutions, for a diverse array of organizations and industries. The company has world-class technical expertise and international infrastructure throughout Latin America, Europe, Middle East and Africa.