The World Bank board of directors approved a $480 million guarantee to mobilize private sector investment in the renewable energy sector and help Argentina meet its goal of twenty percent renewables by 2025.
“The support of the World Bank is facilitating progress in our country to achieve in a few months what was not done for a decade in renewable energy, contributing to our objective of guaranteeing our energy security and reducing climate change impacts”, said Juan José Aranguren, Minister of Energy and Mines of Argentina.
Specifically, the World Bank guarantee will support the Fund for the Development of Renewable Energy (FODER, in Spanish), which facilitates financing of projects under the RenovAr Program of the country’s Ministry of Energy and Mining. This initiative seeks to stimulate power generation from wind, solar, biomass, biogas and small-scale hydro sources to achieve the 20 percent renewable energy target by 2025.
“This project promotes private investment in renewable energy sources to help satisfy the growing energy demand in the country with a clean energy source that strengthens sustainable development,” said Jesko Hentschel, World Bank director for Argentina, Paraguay and Uruguay.
