A financial trust has been opened in Argentina to support sustainable investment in two nuclear energy projects. Investments made in the new Solidarity Financial Trust of Public Infrastructure NA-SA IV will go to enable the licence extension for Atucha I as well as the construction of a dry storage facility for used fuel.
The trust was opened on 24 January by Atucha’s owner, Nucleoelectrica Argentina SA (NA-SA), with Nación Bursátil as well as Banco de la Provincia de Buenos Ares and Macro Securities. The financial firms will make placements for retail investors to invest Argentine pesos from a minimum of USD100 equivalent and receive a return of 2% per year.
NA-SA told World Nuclear News that the trust was set up for a total amount of USD600 million across six tenders. This would cover both the projects, which are estimated at USD463 million for the licence extension of Atucha II and USD137 million for the dry storage facility. NA-SA said that the first tender of USD30 million was successfully raised in the first round.
The money will be held separately from NA-SA’s finances, hence the term trust. The returns are backed by sales of electricity according to the remuneration contract between NA-SA and CAMMESA, the wholesale market management company, for electricity generated by NA-SA’s three nuclear plants, Atucha I, Atucha II and Embalse which have total capacity of 1763 MWe.
NA-SA achieved accreditation for the trust as ‘Sustainability Linked Bonds’ from the Fix Scr ratings agency based on how it will achieve certain sustainability objectives.
José Luis Antúnez, president of Nucleoeléctrica Argentina, said the funding “allows us to advance in the development of strategic nuclear energy projects for the country that have a positive impact on national industrial growth and the country’s contribution to the fight against climate change”.
Source: World Nuclear News