The government of Javier Milei approved the first RIGI project for the creation of a solar park in Mendoza

In accordance with article 1 of the regulations, the project, presented by “Luz de Campos SA”, will have a total installed capacity of 305 megawatts (MW) and will be located in Jocolí, in the Mendoza department of Las Heras.

In the second article of the provision issued by the agency headed by Luis Caputo, The “date of accession to the RIGI” was established as December 16, 2024.

Furthermore, it was established that “during the first and second year counted from the notification of this resolution, the Single Project Vehicle (VPU) must prove having completed an investment amount in eligible assets equal to or greater than 40% of the minimum investment amount, as provided for in the first, second and third paragraphs of article 173 of law 27,742.”

What is known about the El Quemado Solar Park project

According to what is projected, in its first stage the El Quemado Solar Park It will have an installed capacity of 200 MW and will include the construction of a new 220 kV electrical substation on the Cruz de Piedra-San Juan line.

The project, originally designed by the Mendocina Energy Company (Emesa) in development blocks of 100 MW each, was assumed by YPF Luz in 2023. The latter estimated an investment of 230 million dollars for the first stage, and It is expected to begin operating during the first half of 2026.

On December 23, Minister Caputo announced the approval of this initiative, the first framed in the RIGI: “The Evaluation Committee approved the first RIGI project presented less than two months ago. This is a 305 MW photovoltaic park from YPF Luz in Mendoza, with an investment of US$211 million. There are 6 other projects under evaluation and several more about to be presented,” posted on his X account two weeks ago.

The original project, announced in July and formally presented in October, will be developed in two stages by YPF Luz, the energy arm of the national oil company, until reaching a total installed capacity of 305 MW, as indicated by the company.

The details of the Resolution

• Luz de Campos SA declared that the total investment will be US$211,600,072exceeded the minimum investment amount. It will be in computable assets for the first and second year counted from the date of the membership request, which amounts to US$205,544,000, meeting 40% of the minimum investment amount.
• Of the total investment, the sum of US$94,076,795 will be paid to foreign suppliers and the remaining US$117,523,278 will be paid to local suppliers.
• The list of goods and services that Luz del Campo SA will be able to import was approved.
• The Ministry of Energy, in its role as the competent authority, is entrusted with the supervision and control of compliance with the provisions of Law 27,472 and its complementary regulations. Also to the Central Bank and ARCA to fulfill their functions within the framework of the RIGI.