President Mauricio Macri aims to achieve 20% from renewable energy in Argentina by 2025, a country where power generation from clean energy sources currently barely accounts for 2%.
The Plan RenovAr aims to transform Argentina’s energy mix to care for the environment. This first phase involves more than doubling the country’s installed capacity of renewable energy.
Macri declared his commitment to reducing carbon emissions and encouraged investors to take part in this process by alluding to Argentina’s huge potential to generate solar and wind power. This call for public tender aims to incorporate 1,000 MW of capacity into the country’s energy offer within a period of 24 months, with an estimated investment of $1.5-2bn.
The launch of these projects is expected to not only increase the energy sovereignty of the country, but will also create between 5,000 and 8,000 new jobs. The RenovAr Plan also aims to reduce CO2 by 2 Mt per year, in turn saving 300M$ in fuel that no longer needs to be imported to generate this clean energy.
The start of the process announced by the Argentine Government forms part of the National Development Scheme for the use of renewable energy sources, as established under Law 27,191. Renewables currently cover 1.8% of domestic electricity demand and the new regulatory framework for the sector has been established as a means to gradually increase the share of renewables to achieve 4.5% by 2019 and 20%, or 10,000 MW, by 2025.