Energy company Genneia says it will invest $200 mln in RE parks

Argentine thermal and renewable energy producer Genneia SA said on Monday it will invest $200 million in Argentine renewable energy parks over the next two years, at a time when the country is going through a severe energy deficit that affects its fiscal balance.

“Tocota III” solar park, located in the province of San Juan, will have 60 megawatts of installed capacity, while the “La Elbita” wind farm to be located in the province of Buenos Aires, is expected to have 103.5 megawatts of installed capacity.

“We are very proud to continue leading the renewable market in Argentina and that solar and wind energy increase their role in the energy matrix,” Bernardo Andrews, Genneia’s executive director, said in a statement.

The company, which has already invested $1.2 billion in renewable projects over the last five years, aims to exceed 1 gigawatt of installed capacity after the investment. Of those, 222 MW will be of solar energy and 887.5 MW of wind energy, distributed in 11 parks located throughout the country.

Genneia has 24% of the country’s installed wind energy capacity and 8% of solar energy, which makes it the leader in the sector and one of the ten most important generators in South America.

Last year, Argentina was one of seven new additions to the list of roughly 50 countries that produce more than 10 percent of their energy from wind and solar, according to a report from London-based think-tank Ember.

The energy ministry said that 13 percent of the electricity used in Argentina in 2021 was from renewables, mainly wind and solar, up from barely 2 percent in 2017.

A law enacted in 2015 set a target of producing 20 percent of power from renewables by 2025. The 187 renewable energy projects operating in Argentina have the capacity to generate 5,181.7 MW, enough to supply 5.3 million households. Twenty-six of those projects came online last year, boosting capacity by more than 1,004 MW.