The National Government officially approved the first project that will be integrated into the Large Investment Incentive Regime (RIGI). The measure was formalized through the Resolution 1 / 2025, published today (08.01.2024) in the Official Gazette.
According to the norm, investment in the energy sector, which exceeds 211 million dollars, is aimed at the development of the "El Quemado Solar Park and Annexes«. This project, which will have an installed capacity of 305 megawatts (MW), will be executed andIn the province of Mendoza, located in western Argentina, by the company Luz del Campo SA
The project involves a total investment of $211.600.072, of which 204.544.000 dollars will be executed in the first two years from the request to join the regime, complying with the requirement of allocating at least 40% of the minimum investment amount established for the energy sector.
Of this total investment, it is expected that 94.076.795 dollars will be allocated to foreign suppliers, while 117.523.278 dollars will be channeled to local suppliers. In addition, it was established that the deadline to reach the minimum amount of investment in computable assets will be January 30, 2027.
Regarding the feasibility analysis, the Central Bank of the Argentine Republic The agency concluded that the initiative "does not affect the sustainability of the external sector nor does it have a significant impact on international reserves." It also stressed that "the project does not compromise the objectives of economic development or financial stability." In addition, the agency stressed that, with the import substitution expected after the start-up, the exchange rate balance will be positive during the first three years of operation, given that operating expenses will be mostly denominated in local currency.
For its part, both the Wholesale Electricity Market Management Company (CAMMESA) and the Ministry of Energy evaluated the project and certified that it meets the requirements and objectives established by the RIGI.
As part of the approved plan, The company Luz del Campo SA was authorized to import goods and services under the franchises provided for in article 190 of Law 27.742. The details of the 67 goods and services authorized is listed in Annex I of the resolution.
This approval marks a concrete step in the implementation of the Large Investment Incentive Regime, which seeks to promote strategic projects in the Argentine Republic in order to guarantee the country's prosperity.
Aduana News is the first Argentine customs newspaper to launch its digital version. With 20 years of experience, its publications and initiatives aim to provide the most relevant knowledge on customs issues in order to contribute to safe trade in the region.
