16 March 2017 2017 08:00 AM GMT

World Bank Approves $480m Guarantee As Argentina Drives Towards Clean Energy

To achieve the target of 20 percent of energy consumption originating from renewable energy in Argentina by 2025, the World Bank Board of Directors have approved a US$ 480 million guarantee to promote private investment in the sector. The development of renewable energy sources in Argentina is crucial for diversifying the power grid and contributing to climate change mitigation.

“The support of the World Bank is facilitating progress in our country to achieve in a few months what was not done for a decade in renewable energy, contributing to our objective of guaranteeing our energy security and reducing climate change impacts”, said Juan José Aranguren, Minister of Energy and Mines of Argentina.

Specifically, the World Bank guarantee will support the Fund for the Development of Renewable Energy (FODER, in Spanish), which facilitates financing of projects under the RenovAr Program of the country’s Ministry of Energy and Mining. Related technologies include wind, solar, biomass, biogas and small hydroelectric. The initiative seeks to stimulate power generation from these sources to achieve the 20 percent renewable energy target by 2025.

“This project promotes private investment in renewable energy sources to help satisfy the growing energy demand in the country with a clean energy source that strengthens sustainable development,” said Jesko Hentschel, World Bank director for Argentina, Paraguay and Uruguay.

The RenovAr Program was implemented in 2016 through two tender rounds (known as Round 1 and Round 1.5) to award 59 projects. These projects will generate 2423 MW and will be implemented throughout the country. Of the total, 27 projects requested the World Bank guarantee, including 12 wind projects (721MW), 10 solar projects (306MW), four small-scale hydro projects (4MW) and one biogas project (1MW). Under RenovAr, Argentina has already seen two highly successful renewable energy auctions in which the government was very surprised by the high levels of interest in solar PV – enough to make it expand the capacity available for solar from 300MW to 400MW in the first round.

This transaction uses a 20-year World Bank guarantee to mobilise private-sector investments.

October 20th 2017
Amazon Launches Biggest Wind Farm Yet, Generating Over 1,000,000 MWh Each Year

Amazon has announced that its largest wind farm yet—Amazon Wind Farm Texas—is now up and running, adding more than 1,000,000 MWh of clean energy to the grid each year. In total, Amazon has launched 18 wind and solar projects across the US, with over 35 more to come. Together, they will generate enough clean energy to power over 330,000 homes annually. The Farm includes more than 100 turbines – each over 300 feet tall with a rotor diameter more than twice the wingspan of a Boeing 787. It is built, owned, and operated by Lincoln Clean Energy (LCE).

October 16th 2017
Uganda Inaugurates Breakthrough Tororo PV Plant. A Future Model For Africa?

Production has commenced at the Tororo PV power plant; which, with 16 GWh of renewable energy generated annually, will cater for the energy requirements of 35,838 people and help reduce CO2 emissions by 7,200 tons. Overall, $19.6 million was invested to build the 10 MWp plant, with the engagement of several major organisations including KfW and FMO Development Banks, the World Bank and the EU. Attilio Pacifici, EU Ambassador said, “One of the key objectives of this plan is to encourage private sector participation in higher risk investments and we’re happy to demonstrate that Uganda is well positioned to be successful and a good model for replication.”

October 17th 2017
Grids Integration, Energy Networks Boosted By Distributed Generation Growth

Renewable energy has continued to develop at ever increasing rates, with remarkable growth seen since the start of this decade. The pace of the energy transition is driving innovation and growth in related sectors. For energy networks and grids integrating small gas turbines, micro-turbines, fuel cells, biomass, small hydropower, wind and solar energy; distributed generation installation provides significant solutions in the restructured electricity regime. This is particularly so, where there is a larger uncertainty in demand and supply.


 

   

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