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"RenovAr is the way to go"

Jim Yong Kim, President of the World Bank Group (2017)

In the three years since its creation, RenovAr has held four successful and very competitive international public tenders in Argentina. RenovAr has mobilized USD 7 billion and almost 5 GW across 154 new renewable energy projects in a very hostile investment environment. Peak share of renewables in Argentina’s National Grid reached 28.8% on September 26, 2021, and averaged 14.1% over the month. More than 11,000 new jobs were created, and an estimated 193 million tons of CO2e emissions will be avoided by 2040. Additionally, nine manufacturing plants were built in the country between 2017 and 2019, including two wind turbine generators (Vestas and Nordex Acciona), five wind towers, and two solar trackers.

For detailed information read the RenovAr Case Study.
Some Numbers
RenoVar Numbers
Argentina renewable energy projects, jobs and investment by May 2024
RenoVar NumbersRenoVar Numbers
Argentina renewable energy projects, jobs and investment by May 2024
Major de-risking mechanisms

At the heart of this success is an innovative, multilayered financial de-risking mechanism that has provided effective protection against the country’s unstable economy. The scheme has attracted billions of dollars in long-term investment and financing in renewable generation and equipment manufacturing.

A key element of this guarantee system is the participation of multilateral financial institutions, including the World Bank and IFC.

RenovAr secured a novel risk guarantee scheme from the World Bank, designed ad hoc and implemented for US$730 million.

Find out more information about RenovAr’s structure here

Impact on the Energy Matrix

RenovAr's successful implementation by 2025 will help fulfill 16% of Argentina’s reduction commitments under the Paris Agreement and will help achieve the country's UN Sustainable Development Goals.

Meanwhile, the program has already contributed to making renewables the cheapest unsubsidized source of energy in the country.

International Standing

As further evidence of RenovAr’s success, Argentina’s position in Ernst & Young’s Renewable Energy Country Attractiveness Index (RECAI) shot up to #9 globally and #1 for Latin America in April 2019, just two years after entering the ranking for the first time.

Also noteworthy is that in 2018 Argentina was the third most important global market for Vestas, the world’s largest wind turbine manufacturer.

Wind Turbines
RenovAr In The Spotlight
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Low-cost finance for energy transition

"The novelty of the RenovAr scheme is its comprehensive approach to mitigating country risks for investors and developers. A decisive feature of Argentina ’s RenovAr support programme is a multi-level safety net of payments and solvency guarantees to leverage investors’ confidence and reduce prices."

International Renewable Energy Agency (IRENA), the Ministry of New and Renewable Energy (MNRE) & G20 India

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Our Solar Future - Roadmap to Mobilize USD 1 Trillion by 2030' report

"RenovAr created competitive renewable energy auctions with 20-year PPAS (...) Argentina received a massive response to its first renewable energy auction (Saurabh 2017); the bids offered on installed capacity were more than six times the requested amount (Braud 2018)."

World Resources Institute (WRI), International Solar Alliance (ISA) & Bloomberg Philanthropies

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Security of Clean Energy Transitions' report

"Lessons can also be drawn from successful guarantee schemes deployed for renewable energy, such as the World Bank’s guarantee schemes or Argentina’s RENOVAR auctions."

International Energy Agency (IEA)

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Mr. Adnan Z Amin about the RenovAr Programme

"RenovAr is one of the best practices (..) we have been so impressed that within a two-year period we moved from new legislation to an auction process that is driving price discovery for wind and solar at very low levels competitive on the grid. It’s remarkable."

Mr. Adnan Z Amin, Director-General Emeritus of the International Renewable Energy Agency (IRENA) - 2017

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Vestas to have assembly base in Argentina

"Vestas Wind Systems said on Tuesday it will establish a hub and nacelle assembly facility in Argentina amid plans to grow its presence in the country."

Renewables Now