On the last day of the year, the Minister of Economy, Luis Caputo announced that a new project from the firms PCR and Acindar, for US$255 million, joined to adhere to the benefits of Incentive Regime for Large Investments (RIGI). This is the plan to build a wind farm in the country.
“New RIGI presented“Caputo wrote this Tuesday, December 31, about the new proposal that the Government received within the framework of the special scheme that grants a series of tax and legal benefits (reduction of Income Tax, accelerated refund of VAT, no collection of withholdings on exports or import tariffs, among others) for companies that plan disbursements of more than US$200 million in projects in areas such as the forestry industry , mining, energy, technology, infrastructure or steel, among others.
The new initiative will be led by PCR, a company specialized in hydrocarbons, renewable energies and cement production, and Acindar, a long steel manufacturer in the country, and involves the development of a wind farm in Olavarría. The project had been formally announced in Novemberand includes facilities that will reach around 180MW of power.
These are two companies that already work together
Both companies are already partners in the generation area. They are shareholders (51% and 49%, respectively), in the company GEAR 1 SA (Generación Eléctrica Argentina Renovable I), which owns and operates the San Luis Norte wind and solar park.. It is located in Toro Negro, in the Belgrano department of that province, and has a total power of 112.5 MW.
Days ago, before Christmas, the RIGI evaluation committee, dependent on the Ministry of Economy, formally approved the first project in that framework. This is the Mendoza solar park run by YPF Luz, as confirmed by Minister Caputo. The folder had been presented on October 25.
The RIGI regulations established that this committee has a period of 45 days from the moment the project is presented to evaluate the conditions and approve or reject its accession. up to here There are a dozen projects presented, awaiting approval, in the mining, gas and steel sectors.
The one that promises the most dollars is PAE. This involves the installation of a gas liquefaction vessel in Río Negro, to export, in LNG (liquefied gas) mode, the molecules extracted from Vaca Muerta.
RIGI: how much will the new investment be
This investment will need US$2.9 billion in two stagesalthough The amounts may rise to US$7 billion after 2035.. The Bulgheroni firm is not alone in this project.
The formal presentation was made by Southern Energy, a recently formed firm of which PAE and Golar LNG, the Norwegian company that owns the ship that will arrive in the country in three years, are shareholders.
The second largest investment in the RIGI pipeline is the construction of the Vaca Muerta Sur pipeline.with some US$2.9 billion committed. Although YPF has led, in public terms, the presentations of this project, a consortium of companies is accompanying it: they are PAE, Vista Energy, Pampa Energía, Chevron Argentina, Pluspetrol and Shell Argentina.
The Minas Argentinas company will concentrate its work in San Juan, which presented its project for about US$ 1,000 million to develop “Deep Carbonates” and almost quadruple its current gold production for a period of no less than 17 years.
Lithium also received initiatives within the framework of the RIGI
Gossamer announced an investment of US$1,000 million to develop its lithium project in Salta. Meanwhile, the Australian company Galan Lithium also announced an investment of US$200 million to advance the Hombre Muerto Oeste project, in Catamarca.
Another project presented for the RIGI is that of Sidersa, with a green steel plant in the province of Buenos Aires. According to the company, the project will require an investment of US$300 million.
Source: Ambito
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