February 8 (Renewables Now) - Argentine power producer YPF Luz on Monday held a ceremony to mark the start of construction of its 100-MW Zonda solar farm project in San Juan province of Argentina.

The first sod-turning event came just five days after the company raised USD 63.9 million (EUR 55.9m) via the issuance of its maiden green bond to finance the project.

YPF now embarks on the first phase of the whole Zonda project, and expects the raise the solar farm’s capacity to 300 MW in three 100-MW stages. When this happens, the installed renewable energy capacity in San Juan province will grow by 25%, the company said.

The investment in the first phase stands at USD 93 million.

The Zonda I plant will be built in the town of Bella Vista. Once it reaches commercial operation, its output will be placed with large industrial consumers under Argentina’s purchase mechanism MATER.

(USD 1.0 = EUR 0.876)

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