Map and outlook

Argentina renewable energy market surges: structure, leadership, segmentation, and role of international players

Argentina’s renewable energy sector is entering a period of strong dynamism, with local and multinational players vying for leadership. Major international developers are playing an increasingly prominent and decisive role, aiming to reshape the country’s energy landscape.

by Martin Oliver

Map of major renewable energy generation facilities (including solar PV, wind, biogas, and hydropower). —

Argentina’s renewable energy sector—including wind, solar, small hydro, and bioenergy—closed 2025 with more than 7,100 megawatts (MW) of operational installed capacity in the Wholesale Electricity Market (MEM).

This represents roughly 19% of the country’s total power generation, with peak contributions exceeding 40% when including large-scale hydropower.

The sector’s growth is supported by historical RenovAr contracts, the dynamism of the Renewable Energy Term Market (MATER) for large corporate users, and the Large Investment Incentive Regime (RIGI). Transmission bottlenecks, however, continue to limit full dispatch of new capacity.

The market segmentation is clear and remains stable:

  • By technology:
    • Wind: 60% (~4,500 MW), dominant due to excellent resources in Patagonia, the Andes, and the Pampas.
    • Solar PV: 30% (>2,000 MW), fastest-growing thanks to declining costs and rapid project execution.
    • Small hydro and bioenergy: remaining 10%.
  • By contractual scheme:
    • Regulated (RenovAr and similar): provides stability for plants awarded in historical rounds.
    • MATER (corporate): a dynamic channel with higher margins, where industries, banks, and commercial users contract directly with generators. YPF Luz leads in GWh supplied (1,684 GWh recently), followed by Pampa Energía (924 GWh) and PCR (861 GWh).
  • By player profile:
    • Pure-play renewable specialists stand out, including Genneia and PCR.
    • Integrated generators with thermal/hydro assets: Pampa Energía, Central Puerto, and YPF Luz.

Key local players

  • Genneia commands roughly 19–20% of Argentina’s variable renewable capacity (>1,200 MW operational, targeting 1.7–2 GW by end of 2026). Strong presence in Patagonian wind (Chubut, Santa Cruz) and solar (expansions such as San Rafael 180 MW), with over 600 MW supplied through MATER. Total installed capacity in Argentina: 1,436 MW.

Map of Genneia’s current installed capacity in Argentina: a total of 1,436 MW of renewable power integrated into the national grid.
  • PCR (Petroquímica Comodoro Rivadavia) is the country’s second-largest wind generator by annual energy in the MEM, with 527–530 MW operational, mostly wind from six parks: San Jorge-El Mataco 203.4 MW + expansions, Bicentenario I & II 126 MW total, Vivoratá 49.5 MW, San Luis Norte 112.5 MW wind + 18 MW hybrid solar. It supplies roughly 720,000–1.3 million households, integrates vertically, pioneered hybrid parks (San Luis Norte), and is strong in MATER (861 GWh recently). Mid-term target: ~1 GW renewable, including Olavarría (180 MW JV with ArcelorMittal Acindar, linked to RIGI) and Bahía Blanca expansions.
  • YPF Luz dominates the corporate MATER segment, with ~3.4 GW total capacity (renewables expanding toward 1 GW+) and projects such as El Quemado solar in Mendoza and General Lavalle wind. Second-largest renewable generator by some MATER sales metrics.
  • Pampa Energía: ~427 MW wind within a broader 5,472 MW portfolio (thermal and hydro included), active in MATER.
  • Central Puerto: nearly 575 MW renewables by end-2025, including acquisitions (Cafayate 80 MW solar, Guañizuil II 117 MW) and pipeline projects: Hunuc I (140 MW solar in San Juan, expandable to 380 MW), San Carlos (15 MW), Alamitos (130–150 MW wind), and 205 MW BESS planned 2026–2027. Strategy: diversify from conventional legacy assets.

International developers

Foreign players bring scale, advanced technology (turbines >6 MW, hybridization, storage), and global financing, complementing local companies in a competitive market dependent on RIGI. Key players include:

  • AES Argentina (U.S.): ~3,644 MW total (thermal, hydro, wind), recent expansion in Vientos Bonaerenses (+102 MW with Vestas turbines), 800 MW renewable pipeline (500 MW wind + 300 MW solar).

AES Argentina has a total capacity of approximately 3,644 MW, including thermal, hydro, and wind generation.
  • Enel Green Power Argentina (Italy): ~1,328–1,330 MW, mainly medium-scale hydro, modest new variable energy expansion.
  • TotalEnergies / Total Eren (France): ~300 MW operational (Mario Cebreiro wind 100 MW, Los Hércules 97.2 MW, solar in San Luis and Catamarca), projects in Chaco (~40.7 MW solar) and green hydrogen.
  • Goldwind (China): 354 MW operational, >716 MW contracted; key turbine supplier for Patagonian projects with Genneia and TotalEnergies.
  • Vestas (Denmark): main supplier and expansion partner (local service center, AOM contracts 5,000), supplies AES, Genneia, YPF Luz, PCR.
  • Nordex/Acciona (Germany/Spain): involved in wind expansions and mega-project Orkeke (Santa Cruz, 2.6 GW wind for green hydrogen and ammonia, €5B investment, FID 2027).
  • Fortescue Future Industries (Australia): Cerro Policía (Río Negro, 300 MW wind, RIGI-approved 2025, environmental hearing March 2026), focused on green hydrogen, dispatch starting late 2026.
  • Chinese suppliers (JinkoSolar, Trina, LONGi, JA Solar) and U.S. suppliers (Tesla, Huawei, BYD, Sungrow) dominate solar panels and battery energy storage systems (BESS), enabling hybridization and energy storage.

Challenges and outlook

Transmission remains the main bottleneck, as shown in recent Cammesa tenders. RIGI is seen as key to unlocking strategic projects, while MATER provides market dynamism.

With a project pipeline exceeding $4.5 billion for 2026–2027 and the rise of green hydrogen projects (Orkeke, Cerro Policía), Argentina’s renewable sector is maturing, with balanced competition among specialists like Genneia and PCR, integrated players such as Central Puerto and YPF Luz, and international companies with global reach.

Renewables