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Home / argentina / The US Agency will finance renewable projects worth $ 100 million • EconoJournal

The US Agency will finance renewable projects worth $ 100 million • EconoJournal

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

OPIC seeks to fund the installation of solar farms Ullum 1,2 and 3, awarded to Genneia in the 1.5 RenovAr round, and large wind power plants Chubut Norte 3 and 4 provided in round 2 of the same programThese recent projects will be co-financed by development organizations in Germany. For the first time in almost 10 years, OPIC decided to strengthen the financial development of productive projects in Argentina.

The Ullum complex consists of three solar parks at 80 megawatts (MW), which will require an investment of about 80 million US dollars. In turn, projects Chubut Norte 3 and 4 will contribute 140 MW to the system with payments of about $ 200 million, "Of the total investment, it is assumed that OPIC will finance more than 100 million US dollars", – he said. Econojournal government official knew about the operation.

OPIC is a US government agency. which attracts investment from US companies in emerging markets. It was created in 1971 and in practice provides tools for managing risks associated with foreign direct investment.

Signing a letter of intent with Genneia is previous step to formal financial commitment. To do this, OPIC will begin an exhaustive analysis of projects in order to evaluate them in accordance with technical and economic standards.

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