The growing energy demand associated with artificial intelligence is starting to move renewable assets in Argentina.
Novva Group signed a binding framework agreement to acquire from ABO Energy a portfolio of 3.17 GW of wind and solar projects under development in the country.
The transaction is not yet closed. According to ABO Energy , it is expected to be completed in the coming months, subject to confirmatory due diligence and the formalization of the corresponding share purchase agreement.
The agreement was signed in Paris by Steven Liu, founder and CEO of Novva, and Karsten Schlageter, CEO of ABO Energy , and represents one of the largest-scale deals recently announced on an Argentine renewable pipeline.
The move also has a different component than a traditional project acquisition. Novva structures its energy strategy around the growth of data centers, Powered Land, Powered Shells, and AI-related infrastructure , where the availability of large volumes of energy is becoming increasingly critical.
“The acquisition of this 3.17 GW portfolio represents a decisive leap forward in our projects in Latin America,” said Liu.
The executive directly linked the operation to the increase in electricity demand caused by the growth of computing capacity and assured that the construction of large-scale wind and solar assets aims to provide energy support for that expansion.
For ABO Energy, the sale is part of a strategy to concentrate on its core markets.
“The upcoming transaction is in line with our strategy of focusing on core markets,” Schlageter noted.
The operation also deepens a relationship that both companies had already begun in Latin America, since, at the beginning of this year, Novva acquired three solar projects in Colombia from ABO Energy, with a combined capacity of close to 40 MW.
Now, the leap in scale is substantial: the Argentine portfolio under negotiation reaches 3.17 GW , multiplying Novva's regional exposure.
For now, the breakdown of the 3.17 GW among technologies, the location of each initiative, its individual stage of development, and the economic value of the operation have not been publicly reported.
It was also not specified what proportion of that portfolio could end up being directly linked to specific data centers or artificial intelligence projects.
The signal, however, is clear: the demand associated with the digital economy is beginning to become a new engine for large-scale operations in the Latin American renewable energy market.