Argentina is expected to invest in renewable energy projects up to $3 billion
In November 29th, the government of Argentina awarded 1408 megawatts of power generation capacity and promised to expand its capacity to 2000 megawatts. The investment in renewable energy projects is expected to reach $2 billion 500 million to $3 billion.
The energy ministry said that in the first stage of the RenovAr auction, there will be 665.8 MW from wind power, 556.8 MW from solar energy, 117.2 MW from biomass energy, and 481 MW from biogas.
Sebastian Kind, Vice Minister of the renewable energy department, said the government will grant an additional 600 megawatts of capacity in the second phase of the plan.
"If there are 2000 megawatts of power generation, the investment will be between $2 billion 500 million to $3 billion," Kind told reporters on the results of the auction.
The winners are mainly from Argentina, including the state-run Argentina National Petroleum Energy Company and Central Puerto, which won the wind power project.
Alan, the energy minister, told reporters that before the end of this year, Argentina might not be able to achieve 8% of the energy demand of renewable energy supply, but by 2025, it is expected to achieve 20% of the renewable energy supply.