Energy business Genneia states it will invest $200 mln in RE parks

Apr 13, 2022 10:57 AM ET
  • Genneia has 24% of the country's installed wind energy capacity and also 8% of solar energy, that makes it the leader in the field and also among the ten most important generators in South America, stated a statement.

Argentine thermal and renewable resource manufacturer Genneia SA claimed on Monday it will invest $200 million in Argentine renewable energy parks over the next 2 years, each time when the country is experiencing an extreme energy deficit that affects its fiscal equilibrium.

"Tocota III" solar park, situated in the district of San Juan, will certainly have 60 megawatts of set up capacity, while the "La Elbita" wind farm to be located in the district of Buenos Aires, is expected to have 103.5 megawatts of installed capacity.

"We are very pleased to continue leading the renewable market in Argentina and that solar as well as wind energy boost their role in the energy matrix," Bernardo Andrews, Genneia's executive supervisor, stated in a statement.

The firm, which has actually currently invested $1.2 billion in renewable projects over the last 5 years, aims to go beyond 1 gigawatt of mounted capacity after the financial investment. Of those, 222 MW will be of solar energy and 887.5 MW of wind energy, dispersed in 11 parks situated throughout the country.

Genneia has 24% of the country's set up wind energy capacity and 8% of solar power, which makes it the leader in the sector and one of the ten essential generators in South America.

Last year, Argentina was among 7 new enhancements to the list of roughly 50 countries that produce more than 10 percent of their energy from wind and also solar, according to a record from London-based think-tank Ember.

The energy ministry stated that 13 percent of the electricity made use of in Argentina in 2021 was from renewables, mainly wind and also solar, up from barely 2 percent in 2017.

A regulation enacted in 2015 set a target of generating 20 percent of power from renewables by 2025. The 187 renewable resource projects operating in Argentina have the capacity to generate 5,181.7 MW, enough to provide 5.3 million homes. Twenty-six of those projects came online last year, boosting capacity by greater than 1,004 MW.

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