The Minister of Economy, Luis Caputo, announced that the Government has received the acceptance of the first three projects into the Large Investment Incentive Regime (RIGI) totaling US$1.5 billion. This occurs following the regulation of RIGI's operation by the Executive last week, allowing companies to start applying for their investment projects through the Remote Procedures platform (TAD).
In regulating the operation of the regime, the conditions, deadlines, and requirements that companies must meet to obtain official certification and access the tariff, tax, and exchange benefits outlined in the program have been established.
In his statements, the Minister informed that "the first three projects entered the RIGI for approval, totaling 1.5 billion dollars." The approval period for each project is 45 days from their submission in TAD, so it is estimated that the investment could be validated by the end of the year. The evaluation process will be the responsibility of the Ministry of Economy.
The projects will be technically evaluated by the Undersecretary of Industrial Policy first and then considered by an evaluation Commission made up of different areas of the Government. Finally, the Commission will issue a recommendation for the Ministry of Economy to decide on the viability of each initiative.
The first known investment project, exceeding 200 million dollars, will consist of the construction of a photovoltaic solar park in the province of Mendoza, led by YPF in conjunction with the Mendoza Energy Company (EMESA), as reported by presidential spokesperson Manuel Adorni. The official highlighted that "the investment will be around 220 million dollars to promote the development of a solar park in the province of Mendoza."
The governor of Mendoza, Alfredo Cornejo, also commented on the project, indicating that it is the first presented under the Large Investment Incentive Regime (RIGI) in the province. He highlighted that under this regime, companies will be exempt from paying stamp duties and gross income taxes, which encourages investment and development. He detailed that the project is designed in two phases with a total capacity of 305 MW, demonstrating its potential and positive impact for Mendoza.
