By means of this Agreement, renewable energy receives a USD480-million stimulus with the World Bank Guarantee.
The Minister of Energy and Mining, Juan J. Aranguren, and the Ministry of Finance, Luis Caputo, signed this afternoon the Indemnity Agreement with the World Bank (WB) for the “Guarantee Program for the Fund for the Development of Renewable Energy (FODER, for its acronym in Spanish)”.
Within the context of said Program, the Guarantee Agreement was signed between the World Bank, represented by Jesko Hentschel, and the Bank of Investment and Foreign Trade (BICE), represented by its President Pablo Garcia, as trustee of the Trust Fund for the Development of Renewable Energy (FODER).
This way, the World Bank Guarantee enters into force for USD 480 million with up to 20-year periods for each one of the 27 projects of Rounds 1 and 1.5 of RenovAr Program that have requested it: 12 wind power projects (721 MW), 10 photovoltaic solar energy projects (306 MW), 4 small hydroelectric power projects (4 MW) and 1 biogas project (1 MW).
The Guarantee is part of the Executive Order No. 605/2017 signed on August 3 by which the Indemnity Agreement was approved and the Minister of Finance and the Minister of Energy and Mining were vested with the power to represent Argentina.
The approval of the guarantee was announced on March 1 by the World Bank Board of Directors.
For more information on Rounds 1 and 1.5 of RenovAr Program please visit: