The World Bank will give $480 million guarantee to help promote private investment in the renewable energy sector of Argentina
It will specifically support the Fund for the Development of Renewable Energy in facilitating financing of projects under RenovAr
Out of the 59 projects that were selected under Round 1 and Round 1.5 of RenovAr Program, 27 projects have requested for the World Bank guarantee
These 27 projects include 10 solar power projects equal to 306 MW
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The World Bank has approved a guarantee of $480 million to support Argentina’s renewable energy target of achieving 20% share of renewables in the energy mix by 2025. The guarantee will back the country’s flagship RenovAr Program to promote private investment in the sector.
This World Bank guarantee for a period of 20 years will support the Fund for the Development of Renewable Energy (FODER), which facilitates financing of projects under RenovAr Program of Argentina.
So far the Ministry of Energy and Mining has conducted two rounds of tenders for renewable energy projects. A total of 59 projects were awarded (see Winners Announced For Argentina Tender). And out of these 59, a total of 27 projects requested for the World Bank guarantee, including 10 solar projects equal to 306 MW.
“This project promotes private investment in renewable energy sources to help satisfy the growing energy demand in the country with a clean energy source that strengthens sustainable development,” said Jesko Hentschel, World Bank director for Argentina, Paraguay and Uruguay.
In May 2016, the Inter-American Investment Corporation (IIC) announced to support 100 MW of solar power projects in Argentina (see Financing For Solar In Argentina).