FP030

Catalyzing private investment in sustainable energy in Argentina - Part 1

Catalyzing private investment in sustainable energy in Argentina - Part 1

  • Status Lapsed
  • Date approved 15 Dec 2016
  • ESS Category Category B

Helping Argentina finance a major move to renewables.

Argentina is endeavoring to introduce renewable energy generation at a similar scale to that of other Latin American countries. This corresponds to a desire by the Government of Argentina to reduce the country’s reliance on fossil fuels (currently accounting for 87 percent of its energy needs) in order to reduce greenhouse gas emissions and energy costs, while also enhancing energy security.

Climate change implications for improving the status quo are evident as 43 percent of Argentina’s emissions in 2012 came from the power sector. Emissions from this sector increased by 64 percent during the past decade.

The objective of this programme is to help catalyze long-term private investment in sustainable energy in Argentina. This will be done by preparing financing packages for a set of first-moving renewable energy projects. This will then demonstrate the technical and financial viability of business models to conform with laws recently adopted by the government which support renewable energy development.

Under this programme, GCF’s investment of USD 130 million is directed towards at least five renewable energy projects. The GCF investment will be provided in loans, with the option for refinancing guarantees to encourage the participation of local and international banks. GCF support joins other financial investments from the Inter-American Development Bank and Inter-American Investment Corporation.

The project has an estimated lifespan of 22 years.

Total project value

 

Tonnes of emissions avoided

 

Theme

Mitigation

Result areas

Project timeline

Pipeline

24 Sep 2016 - 83 days

Funding proposal received

24 Sep 2016

Cleared by iTAP

30 Nov 2016

Approved

15 Dec 2016 - 591 days

Approved by GCF Board

15 Dec 2016

Lapsed

28 Jul 2018

One region

  • Latin America and the Caribbean

One country

USD  
  • Financing
    • Private sector
    • Public sector
  • Size
    • Micro
    • Small
    • Medium
    • Large

GCF financing

InstrumentAmount
LoanUSD 130,000,000
GrantUSD 3,000,000

Cofinancing

CofinancerInstrumentAmount
Inter-American Development BankLoanUSD 168,000,000
Inter-American Investment CorporationLoanUSD 32,000,000
B-lender and co-lenders to be mobilized by IDBG and project sponsorsLoanUSD 125,000,000
Project sponsorsEquityUSD 195,000,000

GCF Contacts

General media inquiries

GCF Communications
Phone +82 10 4458 7751
Send e-mail

Request for information

GCF Information Disclosure
Request information about this project

Project complaints and grievances

GCF Independent Redress Mechanism (IRM)
Phone +82 32 458 6157
File a complaint

Integrity issues

GCF Independent Integrity Unity (IIU)
Phone +82 32 458 6155
Send e-mail

Accredited Entity

Inter-American Development Bank

Mr. Matias Bendersky
Chief, Resource Mobilization Unit (Please CC in all communications Mr. Daniel Hincapie, Operations Specialist)
1300 New York Avenue NW, Washington, D.C., United States
Phone +1 (202) 623-1723
mbendersky@iadb.org
danielhi@iadb.org
Ms. Amal-Lee Amin
Chief, Climate Change and Sustainability Division
1300 New York Avenue NW, Washington, D.C., United States
Phone + 1 (202) 623-1924
amalleea@iadb.org
gloriav@iadb.org

National Designated Authority

Argentina

Under-Secretariat of International Financial Relations for Development, Secretariat of Strategic Affairs of the Presidency of the Nation

Mr. Leandro Gorgal
National Director of Financing with International Credit Organizations
Hipolito Yrigoyen 250, piso 10-Oficina 1006, Argentina
Mr. Federico Azpiroz
Advisor
Phone +5411 4349 6200
federico.azpiroz@presidencia.gob.ar