IDB, BICE to help finance green projects by SMEs in Argentina

Wood-based biomass used as a raw material. Source: Andritz (www.andritz.com)

May 16 (Renewables Now) - The Inter-American Development Bank (IDB) and the Argentina's development bank BICE will provide USD 160 million (EUR 142.8m) in loans for small renewable and energy efficiency projects by small and medium-sized enterprises (SMEs) in the country.

More specifically, USD 100 million will come from the IDB, while BICE will bring an additional USD 60 million, the Ministry of Treasure announced on Wednesday.

Financing will be available for biomass or biogas schemes of up to 5 MW of installed capacity, to be awarded in the next Round 3 (MiniRen) of the national energy tender RenovAr. Each project will be able to receive up to USD 10 million at a preferential rate. Energy efficiency and distributed generation (DG) projects by SMEs can also get loans.

Local financial institutions will be able to receive financing under the initiative too.

(USD 1 = EUR 0.89)

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