Wedoany.com Report on Mar 6th, Argentine renewable energy company Genneia has entered into a $185 million financing agreement with IDB Invest to advance the construction of solar power and battery energy storage projects in the country. As part of a financial structure scalable to $320 million with a term of 7 to 15 years, the agreement aims to strengthen energy infrastructure related to industrial and mining development.
The funds will be used to build four solar parks, including the 180 MW San Rafael park in Mendoza province, the 129 MW San Juan Sur park in San Juan province, and the Lincoln and Junín projects in Buenos Aires province, each with 20 MW capacity.
The agreement also covers the installation of a 40 MW battery energy storage system at the Maschwitz node in Buenos Aires to enhance grid stability during peak periods. This project was awarded under the AlmaGBA tender framework.
Furthermore, the agreement includes technical and financial support for studies on transmission infrastructure in northern Argentina. The statement noted that these initiatives aim to promote the development of key mineral mining projects, such as lithium and copper, in the Puna region and other Andean areas through the supply of renewable energy.
Bernardo Andrews, CEO of Genneia, stated: "This agreement reaffirms the international market's confidence in our execution capabilities and Argentina's renewable energy potential. It will advance energy infrastructure and support the growth of strategic sectors like mining that utilize low-carbon energy."
As a key player in Argentina's renewable energy sector, Genneia claims to account for approximately 23% of the country's installed renewable energy capacity, with wind power comprising 21% and solar power 26% of that share.
Recently, the commissioning of 40 MW at the San Rafael solar park, along with the start-up of the Anchoris solar park in Mendoza and the La Elbita wind farm in Buenos Aires, has increased the company's total renewable energy capacity to over 1,580 MW.
In the photovoltaic sector, Genneia operates six solar parks, including Ullum I, II, and III, Sierras de Ullum, Tocota III, Malargüe I, Anchoris, and San Rafael, with a total installed capacity exceeding 640 MW, and is currently constructing the San Juan Sur solar park.
The company is also developing two additional solar projects in Buenos Aires province with a total capacity of 40 MW, as well as its first battery energy storage system to meet demand during peak electricity consumption periods.
