The largest renewable power producer in Argentina, Genneia, is moving ahead with an ambitious expansion plan of installed renewable energy portfolio beyond 2 GW by the mid of 2026.

The growth drive extends well beyond additional wind and solar farms, encompassing battery storage, self-funded transmission infrastructure, and long-term power supply agreements with energy-intensive customers, including data centres.

The company currently operates 1,540 MW of renewable capacity, making it the country’s leading private player. Split between solar photovoltaic and wind projects, this move reflects a deliberate strategy to balance evolving tech capabilities and the market scenario.

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This expansion is unfolding against what company executives describe as an unusually favourable financial backdrop for Argentina. Speaking at the Future Energy Summit Chile, Genneia’s Business and Development Director, Gustavo Anbinder, said lenders are actively competing to finance the company’s projects.

He added, “Banks are competing to lend to us, and at very attractive rates. There is a strong appetite to invest or provide financing in Argentina, especially for companies that deliver on what they commit to.”

Genneia’s track record in capital markets underpins that confidence. It is the country’s largest issuer of green bonds, having raised more than USD 1.28 billion to date. Its latest issuance, a USD 400 million green bond, carried an eight-year maturity, a fixed coupon of 7.75 per cent, semi-annual interest payments and a yield of 8 per cent.

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According to Anbinder, access to funding has improved markedly as regulatory certainty has taken hold. While it took time to stabilise, Argentina’s power market is now fully open to private bilateral power purchase agreements (PPAs). Renewable generators are able to compete on equal footing with conventional power plants.

The current market structure is, in part, a legacy of the RenovAr programme, which kick-started large-scale renewable deployment earlier in the decade. That initiative helped bring around 7.5 GW of renewable capacity online and left behind a regulatory framework that now supports market-led growth rather than state-backed auctions.

Within this environment, solar power is regaining momentum as costs continue to fall. Wind power, meanwhile, is expected to return to the spotlight once key constraints are addressed—most notably the lack of available grid capacity.

“The projects we are developing today require a completely different scale,” Anbinder explained. “Given grid saturation and current power prices, we are talking about plants of 150 to 200 MW or more. The problem is that there is simply no spare capacity on the transmission system to connect them.”

As a result, developers are increasingly being forced to include grid-related investments, such as substation expansions directly within project capital expenditure. To tackle these structural bottlenecks, the Argentine government has introduced a concession-based regime that allows private capital to fund priority transmission projects.

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This framework underpins a national master plan covering 16 priority developments, involving more than 5,600 kilometres of 132 kV and 500 kV transmission lines. The aim is to ease congestion, reduce the risk of blackouts and reinforce the Argentine Interconnection System (SADI).

The central question now is how these investments will be paid for. Because transmission upgrades benefit the entire electricity system, policymakers are debating whether costs should be socialised across all users. Another option under consideration is the construction of privately financed lines with guaranteed priority access for their sponsors.

Alongside generation and grid infrastructure, battery energy storage is beginning to feature in Genneia’s portfolio, albeit cautiously. While no storage projects are under construction yet, the company is waiting for final environmental and land-use approvals.

There has been a learning process for regulators. Permits are now at an advanced stage, construction will start, and the projects should be operational in 2026. Even so, he remains measured about the sector’s growth prospects. In his view, storage will not scale rapidly unless market conditions change.

One notable exception has been the AlmaGBA tender, which awarded more than 700 MW of stand-alone battery projects. Crucially, that programme introduced a stable remuneration mechanism, making projects bankable.

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“If a project relies purely on trading, arbitrage or ancillary services revenues, today it is simply not viable,” Anbinder added.

Looking further ahead, Genneia expects Argentina’s power demand profile to be reshaped by new, structural consumers. Closer integration with the oil and gas sector, accelerating mining activity, particularly towards the end of the decade and the arrival of large-scale data centres are all expected to drive demand.

Data centres are starting to establish themselves in Argentina. Hyperscalers with power requirements of between 500 and 1,000 MW are coming. They will need electricity, which Genneia and other generators can provide.

Because these facilities consume vast amounts of power, they can be located close to generation assets, reducing the need to transport electricity over long distances. For Genneia, that alignment between generation, infrastructure and demand forms the backbone of its strategy as it moves towards its 2 GW milestone and beyond.