US agency to fund US $ 100 million worth of renewable energy projects • EconoJournal

The Private Investment Abroad Corporation (OPIC, for its acronym in English) will sign today in the afternoon a letter of intent with Genneia, the largest renewable energy production company in Argentina, to finance the construction of five solar and wind projects in the country. The authorities of the North American organization, which report directly to the administration of President Donald Trump, who will arrive in Argentina in the coming hours to attend the G20 summit in Buenos Aires, they will sign an agreement today in the afternoon with the leaders of Genneia at the San Martín Palace, according to this source of government exclusively.

OPIC aims to finance the installation of Ullum solar farms 1,2 and 3, awarded to Genneia as part of RenovAr round 1.5, and the large Chubut Norte wind farms 3 and 4, granted in the second round of the same program. The latter projects will be co-financed with development entities in Germany. This is the first time in nearly 10 years that OPIC has decided to strengthen the financial engineering of productive projects in Argentina.

The Ullum complex is composed of three solar parks per 80 megawatts (MW), this will require investments close to $ 80 million. In turn, Chubut Norte 3 and 4 projects will contribute 140 MW to the system with payments of nearly $ 200 million. "Of the total investments, it is estimated that OPIC will fund more than $ 100 million", He said EconoJournal a government official familiar with the operation.

OPIC is an agency of the US government. that pulls US business investment into emerging markets. It was created in 1971 and provides, in practice, the tools needed to manage the risks badociated with foreign direct investment.

The signing of a letter of intent with Genneia is the previous step to a formal commitment to funding. To this end, CIPO will carry out a comprehensive badysis of the projects in order to evaluate them according to technical and economic standards.