Supporting renewable energy in Argentina
CAF is financing two strategic projects that will provide an installed capacity of 80.55 MW of wind energy to Argentina’s grid.
CAF—development bank of Latin America—is financing wind farms in Chubut Norte and Villalonga, sponsored by Genneia, as a way to contribute to the diversification of a cleaner energy matrix in the region. These projects will provide an additional capacity of 80.55 MW to Argentina’s power grid.
The wind farms were awarded under the RenovAr plan, one of the most important initiatives in the field of power generation, launched by the government of Argentinian President Mauricio Macri soon after he took office. It aims to promote the use of renewable energy, diversifying the matrix towards cleaner sources while reducing the energy deficit, which has cost Argentina nearly 3% of GDP on energy imports. It should be noted that this plan already created since 2016 more than 9,000 jobs in 94 projects.
Argentina’s President, Mauricio Macri, inaugurated the Chubut Norte project, located in Puerto Madryn, in the northeast of the Chubut province. The inaugural tour of the site was attended also by the Governor of Chubut, Mariano Arcioni, the Secretary General of the Presidency, Fernando de Andreis, the Ambassador of the Kingdom of the Netherlands, Roel Nieuwenkamp, the Minister of Environment and Sustainable Development, Sergio Bergman and other national and provincial officials. Augusto Buddha, senior executive for the Private Sector attended on behalf of CAF.
CAF played a pivotal role in the transaction as co-organizer together with SMBC, FMO and EKF from Project Finance, for a total amount of US$131 million. CAF’s share in the funding was US$26.5 million over a 15-year term.
By providing financing for wind farms Chubut Norte and Villalonga, CAF confirms its support for the economic development of countries of the region and its trust in non-conventional renewable energy projects, which generate an unquestioned positive impact on the environment by reducing dependence on fossil fuels.
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