The tender marks the start of the second round of the Renovar programme, which aims to lift renewables participation to 20% by 2025.
In total, the government is seeking 1.2GW of capacity, including solar, biogas and biomass projects, with a total investment of around $2 billion.
Interested parties have until 20 October to present offers. The contracts are due to be awarded on 29 November, after which companies will have until mid-2019 to begin supplying power to the grid.
The first round saw contracts awarded for 1.5GW of wind projects, many of which are now under construction.
A ceiling price of $56.25/MWh is set for wind projects, based on prices achieved in previous auctions, but experts said offers are likely to be lower than those seen in the first two tenders, which fell as low as $46/MWh.
"They are going to receive a huge number of offers for much more capacity than will be contracted, and the prices will be very competitive," predicted Juan Bosch, president of energy trading firm SAESA.
Major draws include a new World Bank-backed guarantee worth up to $250 million against the risk of default by market operator Cammesa, and the 20-year contracts on offer, increasing certainty as energy prices fall around the world.
"This is very attractive to generators — it is difficult to obtain such long contracts in the private market or in other countries," Bosch added.
Correction: This article was amended to correct the capacity available to wind in the auction to 550MW.