GCF approves US$130 million loan for Argentina’s RenovAr programme

Share on facebook
Share on twitter
Share on linkedin
Share on reddit
Share on email
The loan aims to spur private investment in clean energy over the next 15-18 years. Credit: Latam

The board of the Green Climate Fund (GCF) has approved a loan of US$130 million for projects awarded in Argentina’s RenovAr renewable energy programme.

The loan aims to spur private investment in clean energy over the next 15-18 years. It will be managed by the Inter-American Development Bank (IDB Group) through the Inter-American Investment Corporation (IIC).

A release from Argentina’s Ministry of Energy and Mines (MEM) stated: “The cost of financing by the GCF to the projects may be of a concessional nature as agreed by the parties in each case. In addition, the programme includes an amount of US$3 million for institutional strengthening and technical cooperation activities focused on the renewable energy sector in Argentina.”

Argentina’s RenovAr 1 and RenovAr 1.5 aucitons earlier this year have already seen strong interest and significant oversubscription from developers looking to install PV in the South American country.

Read Next

PV Tech Premium
September 24, 2021
Concerns have been raised that new measures introduced by Spain’s government to limit windfall profits of renewable energy plants could dent investor confidence and impact the stability of the country’s solar sector.
September 23, 2021
Russian wholesale electricity market administrator JSC ATS has allocated 775MW of solar PV in the country’s eighth auction round for largescale renewables, which had an average price of ₽5.18/kWh (US$0.071/kWh)
September 8, 2021
Sonnedix, Opdenergy and Canadian Solar were among the five successful bidders in Chile’s latest power auction, which took place yesterday (7 September) and will see the country support 2GW of renewables and storage installations.
PV Tech Premium
September 1, 2021
Spain’s renewables auction next month is set to receive high levels of interest from solar bidders, according to industry observers, as the country’s government seeks to support the swift deployment of new capacity following a summer beset by record-breaking electricity prices.
August 17, 2021
Spain will carry out an auction this October for 3.3GW of solar PV and wind capacity as the country’s government aims to speed up renewables deployment in the face of soaring electricity bills.
August 16, 2021
Brazilian energy company Cemig has released details of its latest auction for solar and wind, with 4.8GW of installed capacity entering.

Subscribe to Newsletter

Upcoming Events

Solar Media Events
October 6, 2021
Solar Media Events
October 19, 2021
Solar Media Events
December 1, 2021