World Bank approves US$480 million guarantee for Argentina’s RenovAr programme

Share on facebook
Share on twitter
Share on linkedin
Share on reddit
Share on email
The World Bank will support the Fund for the Development of Renewable Energies (FODER). Credit: MINEM

The World Bank has approved a 20-year US$480 million guarantee for Argentina’s flagship renewable energy plan, known as the RenovAr programme.

Under RenovAr, Argentina has already seen two highly successful renewable energy auctions in which the government was shocked by the high levels of interest in solar PV – enough to make it expand the capacity available for solar from 300MW to 400MW in the first round.

The World Bank will now support the Fund for the Development of Renewable Energies (FODER), which was created to facilitate the financing of projects under the RenovAr Programme. Related technologies include wind, solar, biomass, biogas and small hydroelectric.

Of the 59 projects awarded between Rounds 1 and 1.5 of the RenovAr Programme, 27 requested the World Bank guarantee, including 10 solar PV (306MW), 12 wind projects (721MW), four small hydroelectric projects (4MW) and one biogas (1MW). 

Juan José Aranguren, Argentina’s minister of energy and mining, said: “The support of the World Bank has allowed our country to advance renewable energies in a matter of months what was not done for a decade – contributing to our goal of guaranteeing energy security and reducing the impact on climate change.”

Jesko Hentschel, director of the World Bank for Argentina, Paraguay and Uruguay, said: “This project encourages private investment in renewable energies that help meet the growing demand for energy in the country with a clean source that enhances sustainable development.”

Argentina’s long-term target is to achieve 20% renewables in the energy mix by 31 December 2025.

The board of the Green Climate Fund (GCF) also approved a loan of US$130 million for projects awarded in Argentina’s RenovAr renewable energy programme last year. Meanwhile, President Mauricio Macri began this year by declaring 2017 as a “Year of Renewable Energy”.

Read Next

October 4, 2021
Independent power producer (IPP) Total Eren has enlisted asset management software provider Inaccess to monitor the operation of several of its solar PV plants in Argentina, Australia, Brazil, and Kazakhstan.
PV Tech Premium
September 10, 2021
With inaccurate irradiation data potentially impacting profitability estimates of PV projects in Africa, calls have been made for solar players to invest in more accurate measurement tools and work together to support the commercial and industrial (C&I) sector’s growth.
September 3, 2021
Uzbekistan has started the request for qualification stage for a solar tender that will support three projects totalling up to 500MW, including one paired with a battery energy storage system.
May 21, 2021
Abu Dhabi-based Masdar has secured the rights to develop two solar projects in Uzbekistan that will have a combined capacity of 440MW.
September 15, 2020
The Solar Energy Corporation of India (SECI) has invited bids for a 100MWac/200MWp solar project with a 50MW/150MWh battery energy storage system in the state of Chhattisgarh.
May 13, 2020
Footprint of sourcing aluminium, lithium and others will be ‘a fraction’ of fossil fuel emissions but sustainability must become compass, says report as world eyes renewably-powered COVID recovery.

Subscribe to Newsletter

Upcoming Events

Solar Media Events
December 1, 2021
Solar Media Events
February 1, 2022
London, UK
Solar Media Events
February 23, 2022
London, UK
Solar Media Events
March 23, 2022
Austin, Texas, USA
Solar Media Events
March 29, 2022
Lisbon, Portugal

Cyber Monday Flash Sale – 50% off our subscriptions

24 hours only