The world’s top two power technology companies are planning to invest significant capital in the development of power plants in Argentina as a result of the country’s new government’s openness to foreign capital.
General Electric will invest $10bn over the next decade, Vice Chairman John Rice said on Monday, the latest foreign company to announce new plans since President Mauricio Macri took office.
Rice, speaking at a business forum said, “When we saw the Argentinian people elect President Macri, and we looked at the leadership team that he assembled, we saw a real tipping point.”
GE has already invested $1.2bn alongside local partners and customers in the past four months, the company said in a statement, including $900m to build thermal power plants.
GE said its investment will help build seven power plants that will add around 1 gigawatt to the country’s electric system. The figure includes the $350m GE has already decided to invest alongside state-controlled oil company YPF to build plants in the Neuquen and Tucuman provinces.
Meanwhile Siemens said it would help create investments and provide financing for $5.6bn in infrastructure projects, including gas-fired power plants.
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