October 2, 2019 / 9:31 AM / 2 months ago

China firms complete building Argentina's largest solar farm: Xinhua

SINGAPORE (Reuters) - Chinese companies have built a 300-megawatt solar farm in the highlands of northern Argentina, the largest of its kind in the South American nation, China’s state news agency Xinhua reported on Wednesday.

The farm, with a total installed capacity of 315 MW and a contract value of $390 million, started construction in April 2018, after Chinese firms PowerChina and Shanghai Electric Power Construction Co. Ltd jointly won a tender to build it, Xinhua said.

State-run Import-Export Bank of China financed 85% of the project over a term of 15 years and in return the province where the farm is built had to purchase most of the materials from Chinese suppliers, Reuters has reported

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.

Reporting by Chen Aizhu, editing by Louise Heavens

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