Green Climate Fund to loan Argentina $130m towards energy plan
The UN-founded Green Climate Fund (GCF) has approved a loan of $130m to encourage private investment in clean energy awarded as part of Argentina's RenovAr renewable energy programme over the next 15-18 years. The GCF financing includes an investment of $3m to strengthen RenovAr's programme and improve technical cooperation within Argentina's renewable energy sector. The loan will be managed by the Inter-American Development Bank (IDB Group) through the Inter-American Investment Corporation (IIC).

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.