Green Climate Fund approves US$133mn Argentina energy loan

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Friday, December 16, 2016

The Green Climate Fund (GCF), in partnership with the Inter-American Development Bank, approved a US$133mn loan to foment private investment in sustainable energy in Argentina.

Argentine energy minister Juan José Aranguren (pictured) announced the financing on Thursday, with GCF confirming the news Friday in a statement.

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State news service Télam quoted Aranguren as saying that the country will reduce energy consumption by an expected 15% versus a business-as-usual scenario between now and 2025 through efficiency measures.

Aranguren also said that by the end of President Mauricio Macri's first term in December 2019, the country will have added 3GW renewable and 3GW thermal generating capacity through a series of tenders.

RELATED: Argentina wind sector gaining momentum as Brazil cools off