Argentina's Energy Secretariat is planning to develop two new 800 MW power plants that will be partially funded by a state-run investment fund called Foninvemem.
Bids for the projects are due to be invited in November and provisional plans will see one of the two combined-cycle, twin-turbine plants developed near the city of Rosario, in Santa Fe province some 18 months later. The second plant is likely to be located in Buenos Aires province outside of the capital is expected to be complete in November 2007. Each plant is expected to cost about $450 million of which Foninvemem will cover around 30%.
The Foninvemem fund diverts profits from generation companies in order to build new plant as part of a bid to overcome private-sector reluctance to reinvest in Argentina.
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