Argentine power generator Genneia is ploughing ahead in a bid to increase its wind capacity to 500MW in the coming years, after raising $50m of new cash from its shareholders and acquiring a 51MW wind project from Spain’s Isolux Corsan.

With 475W of mostly gas capacity, the operator of Argentina’s largest working wind farm – the 77MW Rawson – Genneia received approval last week from its shareholders to raise $50m in new shares destined to fund investments in wind projects.

The controlling shareholders, US investment funds Argentum Investment I (with 43.9%) and Fintech Energy (25%), and other smaller partners bought the new shares in proportion to their current stakes.

Genneia said in a statement to the Argentine stock exchange that it will use the money to invest in new wind generation assets, including the three wind projects it won in last year’s RenovAr round 1 and 1.5 tenders, as well as expanding existing developments.

The three RenovAr projects have a combined capacity of 238MW and will be built over the next two years.

In addition, the company’s board also approved the acquisition of the 51MW Lona Blanca IV, in the southern Chubut province, from Spain’s Isolux for an undisclosed amount, Genneia said.

With plans already approved to expand the 77MW Rawson wind farm by 24MW, based on non-regulated market contracts, and the expected revival of the 200MW Madryn I and II projects – contracted in the stalled Genren programme of the previous government – the company is looking at expanding its total wind capacity to over 500MW in coming years.

According to a Fitch Ratings report, the new wind contracts will replace thermal generation deals that end between 2019 and 2021.

Following an international placement earlier this year of $350m in bonds that fall due in 2022 and a March 2017 $50m capital increase, the company plans to invest a total of $650m in new wind capacity.