Latin America’s largest wind power project is being planned by Generadora Eolica Argentina del Sur SA. The renewable-energy company is being assisted by a very hefty three billion dollars in funding from the China Development Bank Corporation.
This organization focuses on the financing of international transactions, infrastructure, and grassroots projects. (It is a large entity, with several thousand employees, and many are located throughout the world.)
The turbines that will be installed in Argentina are also made in China. They are attractive due to their low cost — combined with such an aggressive financing package, they must be hard to resist.
Argentina has a robust wind power potential, some say one of the highest in the world. A study by the Argentine Renewable Energy Chamber found almost seventy percent of the country’s land has wind speeds greater than six meters per second. Average wind speeds of nine to twelve meters per second can be found in Central and Southern Patagonia.
An economic collapse in the year 2001 actually helped pave the way for more openness to developing Argentina’s renewable energy future, in order to help reduce energy prices for consumers, who, at times, were being gouged. National Law 26,190/2006 set a target of eight percent renewable energy for the whole country by 2016. The huge new wind power project will be able to generate four percent of the country’s energy, according to estimates. It should be completed by 2017.
China’s Beijing Construction Engineering Group will construct it, with a Chinese company supplying the turbines. Jointly, they will own 25% of the project. The first 150 MW will likely start producing power in 2015.
Image Credit: Yoavlevy10, Wiki Commons
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