Seventh RIGI project approved for USD $250 million to build a wind farm

The National Government announced the approval of the seventh project under the Incentive Regime for Large Investments (RIGI), consolidating a volume of historic investments in record time. This is the Olavarría Wind Farm, developed by PCR and Acindar, with an investment of more than US$250 million and a projected capacity of 180 megawatts (MW) of renewable energy.

Since its full entry into force last October, RIGI has received 15 submissions, of which 7 have been approved. The total confirmed commitment has already reached US$9.25 billion, a milestone that marks the impact of the deregulation and investment stimulus policy advocated by President Javier Milei.

The Minister of Economy, Luis Caputo, made the announcement official on his X account:  "The RIGI Evaluation Committee has approved the 7th project. This is the Olavarría Wind Farm submitted by PCR and Acindar. The investment will be more than US$250 million and the farm will have a capacity of 180MW of renewable energy."

The first project approved under this regime was the El Quemado solar park, developed by YPF Luz in Mendoza, with an investment of US$211 million.

The second, on a monumental scale, was submitted by a consortium made up of YPF, Pan American Energy, Vista, Pampa Energía, Pluspetrol, Chevron, Shell, and Tecpetrol: the construction of the Vaca Muerta Oleoducto Sur (VMOS), with an investment of US$3 billion to export more than 500,000 barrels per day starting in 2027, generating almost US$13 billion annually.

The third project, aimed at the export of Liquefied Natural Gas (LNG), foresees US$2.825 billion in two stages to install liquefaction vessels in Río Negro.

These are joined by:

Rincón de Litio (Salta, Rio Tinto): US$2.724 billion to produce 60,000 metric tons (132,277 pounds) annually of battery-grade lithium.

Galán Litio (Catamarca): US$217 million, with projected exports of more than US$180 million starting in 2029.

Rio Tinto – Salar del Hombre Muerto: US$818 million to produce 15,000 metric tons (33,069 pounds) annually of lithium carbonate.

Projects under evaluation

Among the pending projects, the following stand out:

La Rincona Wind Farm (Tenaris – Grupo Techint): 94.5MW and US$206 million to supply Siderca's own needs.

Infrastructure in Rincón de Aranda (Pampa Energía): gas pipeline, oil pipeline, and processing plant.

Port terminal in Timbúes (Terminales y Servicios): US$290 million for bulk cargo, fertilizers, and fuels.

RIGI reduces the corporate income tax rate from 35% to 25%, allows VAT payment with transferable tax credits, counts the check tax as a credit, and eliminates import and export duties during the first three years. The star benefit for investors is access to free availability of foreign currency: 20% in the first year, 40% in the second, and 100% from the third year onward.

In return, companies must commit at least US$200 million and disburse 40% of the total within the first two years.