Aug 23 (Renewables Now) - Argentina's development bank BICE said Tuesday it will offer USD 200 million (EUR 169.5m) in loans to renewable energy projects awarded through the RenovAR auction.
The bank's goal is to promote projects that allow the diversification of Argentina's energy mix as well as help the country to reach by 2018 an 8% share of green generation.
BICE's new credit line will provide loans of up to ARS 200 million (USD 11.6m/EUR 9.8m) per project, or its equivalent in dollars. Loans will have a 15-year term, with up to two years of grace period. They will cover up to 70% of the cost of a project.
BICE was also acting as a trustee of the Argentina's Trust Fund for the Development of Renewable Energies (FODER) and will now also finance projects.
(ARS 1 = USD 0.058/EUR 0.049)
(USD 1 = EUR 0.848)