Argentina to award $4bn in grants to renewable energy developers

The Argentinean energy minister, Juan Jose Aranguren says the government intends to award contracts to produce 1,281 MW of clean energy through 30 different wind and solar power projects.
Argentinean energy minister, Juan Jose Aranguren
“Investors have shown they believe in Argentina,” Mr. Aranguren said.

The projects, which economists say offer the best evidence yet that investors are betting on President Mauricio Macri’s economic policies, will help the country meet its goal of raising clean energy output to 20 per cent of the total power supply by 2025.

The Macri government, which took office a year ago, has been pouring resources into the country’s neglected power infrastructure and now plans more focus on renewables under its commitment to the Paris climate agreement.

In October, the government said it would grant contracts to build 1,109 MW of power. Argentina may hold another round of bidding in March, said Friday.

Companies committed to building the clean power generators will have up to 900 days to get the projects operational, officials said. Argentina currently gets less than 2 per cent of its power from clean energy.

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