World Bank okays USD-200m renewables project for rural Argentina

The World Bank said Tuesday it has approved a project worth USD 200 million (EUR 186.2m) that aims to provide renewable energy to rural communities in Argentina.

The project represents the second stage of a programme that brought clean energy to 150,000 people in 15 Argentine provinces. The second phase will help reach 725,000 people with installation of solar panels, mini-networks and wind systems, as well as solar water heaters and stoves in schools and institutions. It will be financed via a USD-200-million loan for 35 years, with a 4.5-year grace period.

The programme allows for social inclusion of communities in isolated areas, whose connection to the grid depends on market considerations, Argentina's energy secretary, Mariana Matranga, said.

Additionally, the bank approved projects of a total USD 65 million for protection of native forests and vulnerable natural areas in the country.

(USD 1 = EUR 0.931)

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