Ambitious Wind Energy Project Gains IFC Backing in Buenos Aires
Buenos Aires, March 6, 2026 — The International Finance Corporation (IFC), a part of the World Bank Group, has announced its financial support for the development of a new wind energy initiative by Petroquímica Comodoro Rivadavia S.A. (PCR). The project, known as the Olavarria Wind Farm, will be located in the Province of Buenos Aires. This endeavor also aims to enhance the transmission capacity in the Bahía Blanca-Abasto high-voltage corridor, facilitating the transfer of wind-generated power to Argentina’s primary demand center. Acindar Industria Argentina de Aceros S.A., a key player in the steel industry and part of the ArcelorMittal group, is co-developing the project and will utilize the renewable energy produced to aid in its decarbonization efforts.
The total investment for the Olavarria Wind Farm stands at US$275 million. The project will install 29 wind turbines, provided by Vestas, achieving a combined output capacity of 185.6 megawatts. Additionally, the plan includes the construction of a 25-kilometer transmission line linking the wind farm to the Olavarría substation and upgrades to the Olavarría and Ezeiza substations’ capacitors. This initiative is part of Argentina’s RIGI scheme, designed to incentivize large investments.
This venture marks Argentina’s inaugural renewable energy project to incorporate privately funded transmission infrastructure into the Argentine Interconnection System (SADI). By leading the way in private transmission expansion, it is anticipated to inspire further investments in vital transmission assets across the country, encouraging the growth of renewable energy capacity and enhancing the efficiency and resilience of Argentina’s energy system.
The investment is poised to advance Argentina’s renewable energy resources, diversifying its energy matrix. The Olavarria Wind Farm is projected to supply clean energy equivalent to the annual consumption of about 230,000 households, while significantly contributing to climate goals by reducing approximately 320,000 metric tons of CO₂ emissions annually.
The project is expected to provide cost-effective energy to private entities, boosting industrial competitiveness. It will offer substantial indirect economic benefits, including job creation and attracting new private sector investments. Furthermore, it aims to draw new businesses dependent on clean energy, foster skills in renewable technology, and create opportunities for local suppliers.
“Investments that expand competitive renewable energy, modernize infrastructure, and create jobs are essential for Argentina’s sustainable development,” remarked Makhtar Diop, IFC’s Managing Director. “Our partnership with PCR mobilizes private capital to deliver reliable and affordable power while expanding transmission capacity—helping drive growth, strengthen competitiveness, and unlock Argentina’s full economic potential.”
Echoing this sentiment, Martin Brandi, CEO of PCR, stated, “From PCR, we reaffirm our commitment to Argentina’s energy and productive development. This financial agreement with IFC enables us to move forward with a project that integrates strategic infrastructure, renewable energy, and the creation of opportunities for communities and value chains. This type of initiative strengthens the country’s competitiveness, promotes long-term investment, and consolidates a solid foundation for sustainable growth that benefits society as a whole.”
Beyond financing, IFC will offer technical advisory support to ensure the project adheres to international environmental and social standards, as defined by IFC’s Performance Standards. This assistance aims to bolster sustainability practices, enhance risk management, and attract more private investment into Argentina’s renewable energy and infrastructure sectors.
Note to editors
IFC is the lead arranger for a US$110 million senior corporate loan, potentially expandable to US$140 million, provided to an affiliate of Generación Eléctrica Argentina Renovable I S.A. (GEAR S.A.), with guarantees from PCR. This financing package includes a US$30 million loan from IFC’s own resources and US$80 million from B-loan and parallel loan participants.
Original Story at www.ifc.org