Argentine power company Genneia and its partner closed $51m of long-term financing for the construction of the 38MW Vientos de Necochea wind farm, in more evidence of the sector's resilience to the financial crisis afflicting the country over the past 18 months.

The 15-year project finance package from Dutch development bank FMO was announced as Argentina dealt with the worst battering of its local currency and bonds in recent years, following indications of a looming defeat of pro-free market incumbent president Mauricio Macri in upcoming presidential elections.

The Peso has sunk over 30% and the country’s sovereign risk rating has skyrocketed since primaries a week ago that saw opposition candidate Alberto Fernandez take a 15-point lead over Macri.

The presidential election is set for October amid persistent unemployment, double-digit inflation and a huge fiscal deficit from a public sector bolstered by a recent bailout loan of over $50bn from the International Monetary Fund.

But Genneia, one of largest investors in renewables in the country since the RenovAr renewable energy programme was launched in 2015, ploughed on seeking financing.

In July, the company had raised $131m through another project financing deal with Germany’s KfW.

This second financing package from the Netherlands – signed on August 2 and announced last week – will be backed by the Danish export credit agency EKF, with Denmark's Vestas supplying the wind turbines for the project.

Vientos de Necochea won a 20-year, US-dollar denominated contract in the 2016 tender known as Ronda 1.5 for $55.5/MWh. Genneia has a 50% interest in the project while local power company Centrales de La Costa owns the other half.

Total investment in Vientos de Necochea is estimated at $62m.