Montreal (Quebec), 17 April 2026 – Canada’s bilateral development finance institution, FinDev Canada, announces a USD 30 million loan to GEAR PEO, the dedicated branch of GEAR I S.A., (Generación Eléctrica Renovable I S.A), owned by Petroquímica Comodoro Rivadavia S.A. (PCR) and Acindar Industria Argentina de Aceros S.A. (ArcelorMittal group). The financing will support the development, construction, and operation of a 185.6 MW Olavarría wind project, and enable the expansion of transmission infrastructure between Olavarría and Ezeiza in Argentina.
FinDev Canada’s investment is part of a USD 140 million facility led by the International Finance Corporation (IFC), a member of the World Bank Group. It will provide greater integration of renewable energy and expand the supply of low‑carbon electricity to industrial and commercial users. Additionally, it is expected to generate local economic growth, including approximately 250 jobs during construction and increased local procurement.
The project seeks to expand wind capacity and upgrade transmission infrastructure. This will diversify the energy mix by improving grid reliability, reducing congestion, and enhancing cost predictability for end users. FinDev Canada’s investment is expected to support the avoidance of approximately 35,000 tonnes of greenhouse gas emissions annually, contributing to the country’s climate and decarbonization objectives.
The project connects key industrial and commercial offtakers, such as steel, petrochemicals, cement, and agro‑industry, to support demand for low‑carbon electricity. By enabling direct power purchase agreements with private participants in a constrained environment, it strengthens market resilience and competitiveness while advancing Argentina’s energy transition.
FinDev Canada’s investment helps advance Canada’s ongoing relationship with Argentina by supporting key infrastructure projects that promote climate mitigation, create economic opportunities, and strengthen sustainable development. By building strong relationships in a highly specialized sector, it also creates a foundation for continued engagement.
“We understand the importance of reliable, strategic partners in supporting the continued growth of Argentina’s renewable energy sector, and we consider PCR and GEAR as key partners in advancing the country’s decarbonization efforts. Alongside IFC, our investment helps expand access to clean energy while promoting local market development, job creation, and strengthening our sustainable infrastructure portfolio in the region,” said Lori Kerr, CEO, FinDev Canada.
“Investing in strong and modern infrastructure is at the core of the World Bank Group’s approach to job creation. Through this partnership, we are supporting Argentina in strengthening its power system while pioneering the country’s first renewable energy initiative to integrate privately financed transmission into the grid—improving efficiency and resilience and delivering reliable, affordable electricity for businesses and communities,” said Cheryl Edleson Hanway, IFC’s Infrastructure, Energy and Mining Director for Europe, Latin America and the Caribbean.
“At PCR, we reaffirm our commitment to Argentina’s energy and productive development. This financing agreement with FinDev and IFC enables us to move forward with a project that integrates strategic infrastructure, renewable energy, and the creation of opportunities for communities and value chains. Initiatives like this strengthen the country’s competitiveness, promote long-term investments, and help build a solid foundation for sustainable growth that benefits society,” stated Martín Brandi, CEO, PCR.
About FinDev Canada
FinDev Canada is Canada’s bilateral development finance institution, supporting development through the private sector. We provide financing, investment, and blended finance solutions, as well as technical assistance and advisory, to promote sustainable and inclusive growth in emerging markets and developing economies (EMDEs), in alignment with the Sustainable Development Goals (SDGs) and Paris Agreement commitments. Find out more about FinDev Canada at www.findevcanada.ca.
About IFC
IFC — a member of the World Bank Group — is the largest global development institution focused on the private sector in emerging markets. We work in more than 100 countries, using our capital, expertise, and influence to create markets and opportunities in developing countries. In fiscal year 2025, IFC committed a record $71.7 billion to private companies and financial institutions in developing countries, leveraging private sector solutions and mobilizing private capital to create a world free of poverty on a livable planet. For more information, visit www.ifc.org.
About PCR
Argentine-owned company with more than 100 years of history in the country, specialized in oil & gas, renewable energy, and cement. It is the oldest private company in Argentina’s oil industry, the leading cement manufacturer in the Patagonian region, and one of the leaders in renewable energy generation, currently operating four wind farm complexes with a total installed capacity of 545 MW, located in the provinces of Santa Cruz, Buenos Aires, and San Luis.
In its cement division, the company has two production plants in Comodoro Rivadavia (Chubut) and Pico Truncado (Santa Cruz), with an installed capacity of 800,000 tons per year. Finally, in its oil and gas division, it operates in Argentina in the provinces of La Pampa and Mendoza, and has six exploration and production blocks in Ecuador, with a total net production of 20,878 barrels of oil equivalent per day. Since 2022, the company has also been developing energy investment projects in the United States.
About ArcelorMittal Acindar:
ArcelorMittal Acindar is Argentina’s leading producer of long steel products, supplying the industrial, agricultural, and construction sectors with high-quality, value-added solutions.
With more than 80 years of history in the country, the company has been part of ArcelorMittal—the world’s leading steel and mining company—since 2006. It operates large-scale, modern facilities across five cities in Argentina. Its main production site is located in Villa Constitución (Santa Fe province), where it runs an integrated production process that includes a mineral port, a Direct Reduction Plant, a steel plant with electric arc furnaces and continuous casting machines, state-of-the-art rolling mills, and wire production facilities.
Part of the production process is also carried out at its other plants in Rosario (Santa Fe); San Nicolás and La Tablada (Buenos Aires)—where its corporate headquarters are located—as well as its Wire mesh and Nail, and Specialized Mesh production facilities in Villa Mercedes (San Luis).
The company fosters a culture centered on safety, innovation, sustainability, and people development, creating growth opportunities and building strong relationships with the communities where it operates. Guided by its purpose of producing smarter steels for people and the planet, ArcelorMittal Acindar continues to lead the transformation of the industry in Argentina.
Media Contact
FinDev Canada: Media@findevcanada.ca