World Bank okays $480m funds for renewables in Argentina

The World Bank has approved a $480 million (£391m) guarantee for a renewable energy programme in Argentina. It will support the Fund for the Development of Renewable Energy (FODER), which […]

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By Priyanka Shrestha

The World Bank has approved a $480 million (£391m) guarantee for a renewable energy programme in Argentina.

It will support the Fund for the Development of Renewable Energy (FODER), which facilities financing of projects under the government’s RenovAr Programme.

The initiative aims to stimulate power generation from wind, solar, biomass, biogas and small-scale hydropower sources the nation’s 20% renewable energy target by 2025.

Energy and Mines Minister Juan José Aranguren said: “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.”

The World Bank is also supporting a water project in Kosovo.