Petroquimica Comodoro Rivadavia S.A.
Status: Proposed investmentWhy disclosure?
FMO is committed to making publicly available relevant investment information that informs stakeholders and enables them to engage directly with FMO on its investments which, in turn, enhances our investment decisions, the design and implementation of projects and policies, and strengthens development outcomes. Learn more
In case of questions
We welcome feedback on this proposed investment opportunity for FMO. The ending of the proposed investment phase is indicated on the right side of this page. In case of questions, please contact us at disclosure@fmo.nl
Disclaimer
The information as disclosed is indicative and provided on an "as-is/as available" basis for general informational purposes only and should not be construed as financial, legal or investment advice, nor as a commitment or an offer to arrange or provide any financing. The final decision to provide financing is subject to the terms and conditions of FMO in its sole and absolute discretion. When providing links to other sites, FMO bears no responsibility for the accuracy, legality or content of the external site or for that of subsequent links. The information on proposed investment for high-risk investments is made available in the language relevant to the country or region where the bulk of operations take place. Translations of any information into languages other than English are intended as a convenience for local stakeholders. In case of any discrepancy, the information provided in English will prevail.
Who is our prospective customer?
Our borrower is Petroquimica Comodoro Rivadavia (“PCR”, an Argentinian private company founded in 1921 that is currently owned by two Argentinian Families (Cavallo and Brandi). The company has historically been active in oil & gas and cement, and it has now diversified to the renewable energy sector, becoming Argentina's second-largest renewable energy producer, with five wind farms in operation and a total capacity of 530 MW. In addition to these existing operations, PCR won a tender for an additional 572 MW to construct new wind farms in the Buenos Aires province and one solar plant in the San Luis province.
What is our funding objective?
Within PCR’s pipeline, the loan proceeds will be allocated to several key projects. These include the construction of a greenfield wind farm with a total capacity of 180 MW located in Olavarria, the repowering and expansion of capacitors at the transmission substations in Olavarria and Ezeiza, operated by Transener and Edesur, respectively, and the repowering of transformers at the Bahia Blanca transmission substations operated by Transener. The total project cost is estimated at USD 300 mln, which will be funded equally by the sponsors and IFC’s loan.
Why do we want to fund this investment?
This transaction will support the expansion of renewable energy projects in Argentina as well as the upgrade of interconnection infrastructure, which is needed to incorporate more renewables into the country’s congested grid. By reducing reliance on conventional power plants, these projects enhance energy sustainability, which fits well with the FMO Energy strategy.
What is the Environmental and Social categorization rationale?
The E&S category for this project is classified as A, as defined by FMO's Sustainability Policy, aligning with IFC's categorization as A. IFC Performance Standards (PS) triggered are PS1, PS2, PS3, PS4, PS5 and PS6. Given that this is a B-participation for FMO, FMO follows the lead of IFC in its E&S due diligence on PCR transaction. The following is copied from IFC’s disclosure website (https://disclosures.ifc.org/project-detail/ESRS/49802/pcr-renewables), which can also be consulted for additional information:
- Website customer/investment
- https://www.pcr.energy/en/home-en/
- Region
- Latin America & The Caribbean
- Country
- Argentina
- Sector
- Energy
- Publication date
- 7/7/2025
- Deadline for feedback
- 9/5/2025
- Total FMO financing
- USD 30.00 MLN
- Funding
- FMO NV
-
Risk categorization on environmental and social impacts, A = high risk, B+ = medium high risk, B = medium risk, C = low risk
Environmental & Social Category
(A, B+, B or C) - A
- Loan participation
- https://disclosures.ifc.org/project-detail/ESRS/49802/pcr-renewables
- Translation
- https://www.fmo.nl/pcr