The World Bank has approved a $480 million guarantee that will be used to promote private investments into Argentina’s renewable energy sector, including small hydropower projects.
The initiative supports the South American country’s goal of a 20% renewable grid by 2025, while also helping Argentina diversify its generating fleet.
“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 Jose Aranguren, Minister of Energy and Mines.
World Bank funding will be used specifically for the ministry’s “RevovAr” program, which, since being implemented last year, has already helped lead to four small hydro projects with a cumulative capacity of 4 MW.
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