China funding South America’s largest solar development project in Argentina

December 31, 2020 | |Post a Comment

first_img FacebookTwitterLinkedInEmailPrint分享Reuters:In an arid, lunar-like landscape in the sunny highlands of northern Argentina, South America’s largest solar farm is rising, powered by funding and technology from China.Local officials said they had sought help at home, the United States and Europe without success. Potential lenders and partners, they said, were spooked by the project’s size and the fiscal woes of Jujuy province, one of the poorest in the country.The Import-Export Bank of China saw it differently. The state-funded institution financed 85 percent of the project’s nearly $400-million price tag. At 3 percent annual interest over 15 years, it is “cheap money” for Jujuy, a person familiar with the terms said. The catch: the province had to purchase nearly 80 percent of the materials from Chinese suppliers.The project, known as Cauchari, is a testament to the rising clout of Beijing as a backer of big projects in cash-strapped emerging markets. And it is helping China cement its standing as the world’s leader in clean-energy technology.At a time when [U.S. President Donald] Trump is doubling down on fossil fuels and withdrawing the United States from global partnerships, Chinese President Xi Jinping’s sprawling “Belt and Road” initiative aims to put Chinese companies and innovation at the center of infrastructure development worldwide, including next-generation power sources.“It is a way of expanding China’s growing global presence and dominant economic force, and it progressively reorients the world from the U.S. and European-centric view of the last fifty years,” said Tim Buckley, director for the U.S-based Institute for Energy Economics and Financial Analysis.More: On South America’s largest solar farm, Chinese power radiates China funding South America’s largest solar development project in Argentinalast_img



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