The International Finance Corporation (IFC) has announced financing support for Petroquímica Comodoro Rivadavia S.A. for the development and construction of the Olavarría wind farm in the Buenos Aires province of Argentina. The project is being co-developed with Acindar Industria Argentina de Aceros S.A., part of the ArcelorMittal group, which plans to procure renewable electricity from the project to support the decarbonisation of its industrial operations. Additionally, the investment includes the expansion of transmission capacity along the Bahía Blanca-Abasto high-voltage corridor, linking an area with strong wind resources to the country’s main electricity demand centre.
The total project cost is reported at $275 million. It involves the installation of 29 wind turbines supplied by Vestas, with a total installed capacity of 185.6 MW. Furthermore, the project includes the construction of a 25 km transmission line connecting the wind farm to the Olavarría substation. Additionally, upgrades and capacitor expansions will be undertaken at the Olavarría and Ezeiza substations. The development has been approved under the Government of Argentina’s Large Investment Incentive Regime. Moreover, the project is expected to generate electricity equivalent to the annual consumption of approximately 230,000 households.
In December 2025, the IFC announced an investment in Central Puerto S.A., an electricity generation company in Argentina, to support projects aimed at improving the reliability and flexibility of the national power system. The financing package amounts to about $300 million and will be used to acquire shares in the 1,440 MW Piedra del Águila hydropower plant. Additionally, the investment covers the installation of the 150 MW Nuevo Puerto battery energy storage system.