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.

January 10th 2018
US: Doubling Of Wind & Solar Capacity Possible By 2020 as Coal & Nuclear Drop

In the latest issue of its “Energy Infrastructure Update” (with data through November 30, 2017), the Federal Energy Regulatory Commission (FERC) notes that proposed net additions to generating capacity by utility-scale wind and solar could total 115,984 megawatts (MW) by December 2020 – effectively doubling their current installed capacity of 115,520 MW.  The numbers were released as FERC prepares for a January 10 meeting to consider U.S. Department of Energy Secretary Rick Perry’s proposal for a bailout of the coal and nuclear industries.

January 19th 2018
Chinese Solar Surge Fuels Overall Global Growth In Clean Energy Investment

World clean energy investment totalled $333.5 billion last year, up 3% from 2016 and the second highest annual figure ever, taking cumulative investment since 2010 to $2.5 trillion. An extraordinary boom in photovoltaic installations made 2017 a record year for China’s investment in clean energy. This outpaced changes elsewhere, including jumps in investment in Australia and Mexico, and declines in Japan, the U.K. and Germany. The figures up 3% from a revised $324.6 billion in 2016, and only 7% short of the record figure of $360.3 billion, in 2015.

January 22nd 2018
European Parliament Gives A Resounding Vote In Favour Of Clean Energy In Europe

European lawmakers have called for a renewable energy target of 35% for 2030 – rather than the 27% which the European Commission proposed in 2016. The MEPs have now backed measures substantially raising the European Union’s clean-energy ambitions. By 2030, more than one-third of energy consumed in the EU should be from renewable sources such as wind and solar power. The measures are intended to help cut carbon dioxide emissions. The EU is the world’s third-largest emitter of greenhouse gases after China and the United States, releasing about 10% of global emissions. 


 

   

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