Dutch development bank FMO advanced a $51m loan for construction of the 38MW Vientos de Necochea wind farm, built by local energy companies Genneia and Centrales Costa Atlantica in a welcome boost for the market there.

The loan is guaranteed by the Danish export agency EKF, as Vestas is the project's turbine supplier.

The project finance deal comes as Argentina’s new centre-left President Alberto Fernandez tries to bring the country out of financial trouble, after outgoing president Mauricio Macri left it with a bloated budged deficit and rising inflation.