Genneia S.A

Press release

February 27, 2023

FinDev Canada loan to power producer Genneia will support Argentina’s climate commitments

Press Releases

FinDev Canada announces a USD 40 million loan to Genneia, an independent power producer based in Argentina.

Expected Development Impact

CLIMATE ACTION

Contribute to Argentina’s transition to a low‑carbon economy: Genneia’s added 200 MW in installed solar and wind energy capacity is expected to (i) help displace the use of fossil fuels in the country, (ii) avoid estimated 322,000 tCO2e per year, equivalent to removing some 49,000 cars off the road annually, and (iii) contribute towards the national target to increase the share of Argentina’s renewable energy in the energy mix from 13% as of 2021 to 20% by 2025.

Women's Economic Empowerment

Genneia commits to increase women’s representation in the workplace to at least 30% by 2027

MARKET DEVELOPMENT

Strengthening Argentina’s renewable energy supply: As a net energy importer with growing electricity demand, Argentina needs to strengthen its domestic energy generation to be able to reduce its dependence on costly energy imports. Genneia, through its renewable energy projects, supports just that. Moreover, the solar and wind energy from the projects will provide clean electricity to large local businesses at a predictable price, in turn supporting their local economic activities.