The Green Climate Fund (GCF) has approved USD 133 million (EUR 128m) in funding for green energy projects in Argentina at its final board meeting for the year. The Argentine energy ministry further explained the funds will go towards financial guarantees and to extend loans for projects that secured contracts in the RenovAr renewable energy programme.
The amount will go for “Catalyzing Private Investment in Sustainable Energy in Argentina”, the GCF said. The GCF funding will be managed by the Inter-American Development Bank (IDB) through the Inter-American Investment Corporation (IIC).
The RenovAr programme’s goal is to boost the share of renewables in Argentina’s power to 8% in 2017 and 20% in 2020. The first auction for green power capacity under the programme awarded contracts to 1.1 GW of projects and 1.3 GW of wind and solar in a subsequent round.
