In 2016, the RenovAr Rounds 1 and 1.5 Programs were launched pursuant to Resolutions No. 71/16 and 252/16 of the MEyM (former Ministry of Energy and Mining), respectively. In Round 1, 29 projects were awarded for a total 1,142 MW (97% of which were wind and solar energy projects), including our 100 MW PEMC (Ingeniero Mario Cebreiro Wind Farm) project in the Province of Buenos Aires, which was commissioned in June 2018. In Round 1.5, 30 projects were awarded for a total 1,281.5 MW (100% of which were wind and solar energy projects). In 2017, the RenovAr Round 2 Program was launched pursuant to MEyM Resolution No. 275/17, under which 88 projects were awarded for a total 2,043 MW (89% of which were wind and solar energy projects). Finally, in 2018, the RenovAr MiniRen Round 3 Program was launched for smaller-scale renewable projects (between 0.5 and 10 MW), and projects were awarded for a total 246 MW.

It is worth highlighting that for all projects under the RenovAr rounds, it was established that all greenhouse gas reductions resulting from the power capacity installed throughout the national territory —including those resulting from any other project accounted for to meet the WEM (Wholesale Electricity Market)’s renewable capacity goals set by Law No. 27,191— should be accounted for by the Federal Government for the meeting of its contribution goal under the United Nations Framework Convention on Climate Change and the Paris Agreement.