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Climate Action and Solar Energy Development Programme in the Tarapacá Region in Chile

TONNES of CO2 Anticipated tonnes of CO2 equivalent avoided


GCF results areas
  • Energy generation and access
  • Livelihoods of people and communities
Gender benefits This project will designate a Women’s Champion who will promote the recruitment and training of women. UN Sustainable Development Goal #7 Affordable and clean energy

Location & People

  • Latin America & Caribbean
  • Chile CL
Beneficiaries (approx.) 200,000

Investment Data

  • Financing:
    • Public
    • Private
  • Project size:
    • Micro
    • Small
    • Medium
    • Large
  • E&S Risk category:
    • Category A
    • Category B
    • Category C
Total project investment
GCF Financing
  • Instrument Loan USD
  • CAF Loan USD
  • TBD Loan USD
  • Sponsors Equity USD

Project owners

Accredited Entity Executing Entity
  • Atacama Solar S.A Chile
Climate Action and Solar Energy Development Programme in the Tarapacá Region in Chile Approved June 2016 Duration 20.0 years
Large-scale investment in the ‘shovel ready’ Atacama Solar Project will deliver quick CO2 displacement, and drive transition in Chile towards renewable power.

The Atacama Solar Project is a 143MW solar park which will supply a low cost, clean and renewable alternative to coal-fired or LNG generated power. The investment from GCF, together with CAF, will complete the long term project financing required for this private sector-led photovoltaic power project, and facilitate further investment from other financial institutions.

The country is still heavily dependent upon imported fossil fuels, but is committed to reach a goal of 20% of non-conventional renewable power generation by 2025. Current market conditions restrict the participation of Chilean commercial banks in financing large-scale renewables projects. Without  GCF and CAF funding  it would be difficult for the project to be financed. The GCF investment in the project will be of demonstrative value and will facilitate future private sector investment. The project, in the Atacama Desert, will also act as a solar power demonstration in a region with the highest level of solar radiation in South America which could host many more large-scale PV projects.
Document title Published date
Funding proposal 23 Jun 2016
Accredited Entity
  • Corporación Andina de Fomento (CAF) Mr. Antonio García Tel: +57 1 743 7369 Ms. Cristina Dozsa Tel: +58 212 209 2120
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