The day after the mid-term elections, the Inter-American Development Group, through the Inter-American Investment Corporation (IIC) agreed to supply US $104 million in funds to support the Pampa Energía S.A. and US-based Castlelake L.P affiliate, Greenwind S.A., in its construction, operations and maintenance of the Corti Wind Farm in Bahía Blanca.
The funds include US $31.5 million and US $72.5 million from Spanish bank, Banco Santander and the Chinese Industrial and Commercial Bank of China (ICBC) respectively. These loans are committed over a nine-year period which is essentially unheard of thus far in Argentina.
This assistance is part of a greater effort of the Ministry of Energy and Mining’s RenovAR energy program to diversify Argentina’s energy supply. RenovAR’s eventual goal is to reach 20 percent of all energy resources to be renewable energy by 2025. Recently, President Mauricio Macri confirmed that Argentina has received more than US $11 million in offers for renewable projects through this program.
Argentina: financing RenovAR