Chilean solar developer Verano Energy has successfully sold a 150MWp solar PV project located in the western region of Mendoza, Argentina, to an undisclosed buyer. The project, scheduled to commence construction this year, signifies a significant step in reactivating the Argentine market, which has experienced a slowdown in recent years despite its considerable size, high energy demand, and abundant resources.
Ramiro Marquesini, Argentina Country Manager at Verano Energy, highlighted the importance of this transaction for the Argentine market, characterizing it as a resurgence in a sector that has faced challenges in recent times.
See also: Verano Energy Acquires 296MWp Solar Projects in Colombia, Expands On-Grid Portfolio in Latam
Verano Energy anticipates expanding its footprint in Argentina with additional projects, contributing to its existing portfolio of over 100 facilities in various stages of development across Colombia, Chile, and Peru. These combined projects boast a total capacity of nearly 3GW.
In recent times, Argentina has witnessed growing interest in solar PV, exemplified by an oversubscribed auction in July 2023, resulting in over 500MW of solar PV allocations. Additionally, the government has signed an agreement with ten northern provinces to deploy 2.5GW of renewables, including solar PV.
Despite being one of the largest countries in Latin America, Argentina's solar PV deployment lags behind its neighbors, with approximately 1.1GW of solar PV installed by the end of 2022, according to data from energy think tank Ember.
