President Mauricio Macri has announced the begining of "Plan RenovAr", a new plan that aims to boost renewable energy production in Argentina.
The plan will be specially focused on solar and wind power. It will be developed in phases, the first phase of the plan includes tender processes for energy projects to produce about 1 GW of clean energy.
The selected developers will bid for 20 year power purchase contracts at rates per MWh in US dollars. In this first round, the government expects to achieve approximately US$2.1 billion in investment.
The country is expected to launch a 20-day consultation period as part of its renewable energy auction, with the final rules to be published by June this year. Argentina aims to produce 20% of the energy from renewable sources by 2025.