Generacion Electrica Argentina Renovable I S.A. Sucursal Dedicada PEO (FMO-65064)

Regions
  • Latin America and Caribbean
Geographic location where the impacts of the investment may be experienced.
Countries
  • Argentina
Geographic location where the impacts of the investment may be experienced.
Specific Location
Olavarria; Ebeiza
Whenever identified, the area within countries where the impacts of the investment may be experienced. Exact locations of projects may not be identified fully or at all in project documents. Please review updated project documents and community-led assessments.
Financial Institutions
  • Netherlands Development Finance Company (FMO)
International, regional and national development finance institutions. Many of these banks have a public interest mission, such as poverty reduction.
Project Status
Approved
Stage of the project cycle. Stages vary by development bank and can include: pending, approval, implementation, and closed or completed.
Bank Risk Rating
A
Environmental and social categorization assessed by the development bank as a measure of the planned project’s environmental and social impacts. A higher risk rating may require more due diligence to limit or avoid harm to people and the environment. For example, "A" or "B" are risk categories where "A" represents the highest amount of risk. Results will include projects that specifically recorded a rating, all other projects are marked ‘U’ for "Undisclosed."
Voting Date
Mar 5, 2026
Date when project documentation and funding is reviewed by the Board for consideration and approval. Some development banks will state a "board date" or "decision date." When funding approval is obtained, the legal documents are accepted and signed, the implementation phase begins.
Borrower
Generacion Electrica Argentina Renovable I S.A.
A public entity (government or state-owned) provided with funds or financial support to manage and/or implement a project.
Sectors
  • Energy
The service or industry focus of the investment. A project can have several sectors.
Investment Type(s)
Loan
The categories of the bank investment: loan, grant, guarantee, technical assistance, advisory services, equity and fund.
Investment Amount (USD)
$ 30.00 million
Value listed on project documents at time of disclosure. If necessary, this amount is converted to USD ($) on the date of disclosure. Please review updated project documents for more information.
Loan Amount (USD)
$ 30.00 million
Value listed on project documents at time of disclosure. If necessary, this amount is converted to USD ($) on the date of disclosure. Please review updated project documents for more information.
Project Cost (USD)
$ 275.00 million
Value listed on project documents at time of disclosure. If necessary, this amount is converted to USD ($) on the date of disclosure. Please review updated project documents for more information.
Primary Source

Original disclosure @ FMO website

Updated in EWS Apr 10, 2026

Disclosed by Bank Jul 7, 2025

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Project Description
If provided by the financial institution, the Early Warning System Team writes a short summary describing the purported development objective of the project and project components. Review the complete project documentation for a detailed description.

As stated by the FMO, GEAR PEO uses the funding to construct a 180 MW greenfield wind farm in Olavarria, as well as to finance the repowering and expansion of the Olavarria and Ezeiza substations and the construction of a 25 km transmission line. These investments are essential to maintaining 100% dispatch priority and enabling the integration of additional renewable capacity into Argentina's grid. The total project cost amounts to USD 275 mln.

This transaction supports the expansion of renewable energy generation in Argentina and the strengthening of critical grid infrastructure, which is required to accommodate additional renewable capacity in an increasingly congested transmission system. By reducing reliance on conventional power generation, the project contributes to enhanced energy sustainability and decarbonisation, in line with FMO's Energy and Climate Strategy. The transaction is labelled Green, given its exclusive focus on renewable energy generation and associated enabling infrastructure.

Investment Description
Here you can find a list of individual development financial institutions that finance the project.
Private Actors Description
A Private Actor is a non-governmental body or entity that is the borrower or client of a development project, which can include corporations, private equity and banks. This describes the private actors and their roles in relation to the project, when private actor information is disclosed or has been further researched.

As stated by the FMO, the borrower is Generacion Electrica Argentina Renovable I S.A. Sucursal Dedicada PEO ("GEAR PEO"), a dedicated project branch of GEAR S.A., established under Argentina's Regimen de Incentivo para Grandes Inversiones ("RIGI") regime for the financing of the Olavarria Wind Farm. GEAR S.A. is jointly owned by Petroquimica Comodoro Rivadavia (PCR) (51%) and Acindar (49%). PCR, the majority shareholder and Parent Guarantor, is a long-established Argentine energy and industrial group founded in 1921 and controlled by the Brandi and Cavallo families. Historically active in oil & gas and cement, PCR has significantly expanded into renewable energy since 2016 and is now Argentina's second-largest renewable energy producer, operating 545 MW across six wind farms and one solar PV plant.

Private Actor 1 Private Actor 1 Role Private Actor 1 Sector Relation Private Actor 2 Private Actor 2 Role Private Actor 2 Sector
ACINDAR INDUSTRIA ARGENTINA DE ACEROS S.A. Investor Industry and Trade contracts with Petroquimica Comodoro Rivadavia SA Parent Company Energy
ArcelorMittal SA Parent Company Industry and Trade owns ACINDAR INDUSTRIA ARGENTINA DE ACEROS S.A. Subsidiary Industry and Trade

Contact Information
This section aims to support the local communities and local CSO to get to know which stakeholders are involved in a project with their roles and responsibilities. If available, there may be a complaint office for the respective bank which operates independently to receive and determine violations in policy and practice. Independent Accountability Mechanisms receive and respond to complaints. Most Independent Accountability Mechanisms offer two functions for addressing complaints: dispute resolution and compliance review.

Client - Petroquimica Comodoro Rivadavia SA:

Address: Alicia Moreau de Justo 2050, 3er piso of 304, CABA
Phone: +54-11-5068-3000
Website: https://www.pcr.energy/en/home-en/ 

ACCESS TO INFORMATION

As part of FMO's ex-ante disclosure (disclosure of transactions before contracting), you can send requests or questions for additional information to: disclosure@fmo.nl

ACCOUNTABILITY MECHANISM OF FMO

Communities who believe they will be negatively affected by a project funded by the Dutch Development Bank (FMO) may be able to file a complaint with the Independent Complaints Mechanism, which is the joint independent accountability mechanism of the Dutch Development Bank (FMO) and the German Investment Corporation (KfW). A complaint can be filed in writing, by email, post, or online. The complaint can be filed in English or any other language of the complainant. The Independent Complaints Mechanism is comprised of a three-member Independent Expert Panel and it can provide either problem-solving, compliance review or both, in either order. Additional information about this accountability mechanism, including a guide and template for filing a complaint, can be found at: https://www.fmo.nl/independent-complaints-mechanism

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How it works