ArcelorMittal’s Argentinian steelmaker, Acindar, has signed an agreement with Petroquímica Comodoro Rivadavia (PCR) to invest $140 million in a renewable energy project, according to media reports.
Acindar acquired a 49 percent stake of a local energy company to develop the project in partnership with PCR. The two companies said the project should have a 76.5-Megawatt (MW) capacity and will be located inside the San Luis Norte wind farm.
The project will allow Acindar to supply part of the energy needs of its steel business. Acindar expects to invest $200 million in Argentina by 2025 to expand steel output capacity, as it eyes steel exports.