Argentina expects between $2.5 billion and $3 billion in investment in renewable energy projects after its government awarded projects to generate 1,408 megawatts (MW) of power on Wednesday, and promised to increase that amount to 2,000 MW.
The energy ministry said 665.8 MW would come from wind plants, 556.8 MW from solar, 117.2 MW from biomass and 48.1 MW from biogas in the first phase of an auction for the RenovAr program.
Sebastian Kind, undersecretary of renewable energy, said the government would award an additional 600 MW in the second phase of the program.
“If there are 2,000 megawatts it would be between $2.5 billion and $3 billion,” he told journalists after presenting the results.
The winning bids were mostly from Argentine companies, including state-run YPF Energia Electrica and Central Puerto which won wind projects.
Energy Minister Juan Jose Aranguren told journalists Argentina would probably not achieve its goal of providing 8 percent of its domestic energy needs from renewables by the end of this year but was on track to achieve 20 percent by 2025.