Three IDB Invest projects receive Latin America Deal of the Year awards from Bonds & Loans

IDB Invest projects Campo Palomas, El Corti and Renova received three Latin America Deal of the Year awards from Bonds & Loans, an international publication specializing in credit markets. These awards highlight projects that earned outstanding achievements in the Latin America and the Caribbean credit markets in 2017.

More than 300 projects were submitted for the awards, which are classified into 17 categories. According to the publication, the winning projects were chosen through an exhaustive selection process determined by the editors of the magazine. Additionally, online voting was carried out, making these the only awards voted by the industry.

The Campo Palomas project won the Project Finance Deal of the Year award. IDB Invest issued a $135.8 million B-bond to refinance the debt of the 70MW wind farm in Campo Palomas in Uruguay. The transaction was the first bond of its kind issued in connection with an A-loan from IDB Invest and tapped the interest of capital markets in the emerging Uruguayan renewable energy sector.

El Corti received the Power Finance Deal of the Year award. It is the largest wind farm in Argentina, with a capacity of 100MW. The total cost of the project, $160 million, was financed by an A/B-loan from IDB Invest. This structure allowed for a 9-year tenor with commercial banks, the longest to date in Argentina, which allowed the financial viability of the project. El Corti was the first transaction financed within the framework of RenovAr, the Argentine government program promoting the transformation of the energy matrix in favor of renewable energy.

Renova won the Natural Resources Finance Deal of the Year award. Located in Argentina, Renova is the largest soybean crushing plant in the world and is considered one of the most competitive and efficient. The financial package includes a $75 million A-loan and a $130 million B-loan from IDB Invest. The deal will help Renova contribute to food security and will promote employment in the industry and foreign trade through exports.

The awards ceremony took place March 22 in Mendoza, Argentina, in a ceremony attended by representatives of the largest financial agents from the region and other international markets. The complete list of winners of the 2017 edition can be found here.

About IDB Invest

IDB Invest, the private sector institution of the Inter-American Development Bank (IDB) Group, is a multilateral development bank committed to supporting the private sector in Latin America and the Caribbean. It finances sustainable enterprises and projects to achieve financial results that maximize economic, social and environmental development for the region. With a current portfolio of $11.2 billion under management and 330 clients in 23 countries, IDB Invest works across sectors to provide innovative financial solutions and advisory services that meet the evolving demands of its clients. As of November 2017, IDB Invest is the trade name of the Inter-American Investment Corporation.

About GFC Media Group

GFC Media Group, publisher of Bonds & Loans, is a leading producer of financial conferences, online market intelligence platforms and awards, which in turn facilitates idea-sharing and networking between corporates, SMEs, government entities, advisors, regulators, bankers and funds. At GFC Media Group our aim is to improve connectivity between companies looking to raise capital and investors seeking to deploy it.