The race is on. The winning developers in Round 1 of Argentina’s RenovAr renewable energy programme — who signed 20-year power-purchase agreements (PPAs) yesterday — have just 730 days to finalise licensing, sign land leases, obtain financing, raise equity and collateral, procure equipment, contract engineering companies and then build, test and commission 707MW of wind and 400MW of solar projects.

In a country that has been financially mistrusted since its sovereign default in the early 2000s, and has made little infrastructure investment in the intervening years, this will be a major challenge.

And