FP017

Climate action and solar energy development programme in the Tarapacá Region in Chile

Climate action and solar energy development programme in the Tarapacá Region in Chile

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.

The project has an estimated lifespan of 20 years.

Total project value

 

Tonnes of emissions avoided

 

Theme

Mitigation

Result areas

Project timeline

Pipeline

21 Dec 2015 - 193 days

Funding proposal received

21 Dec 2015

Cleared by iTAP

23 Jun 2016

Approved

30 Jun 2016 - 1,199 days

Approved by GCF Board

30 Jun 2016

Legal opinion on AE's Internal Approval

13 Jul 2018

FAA executed

14 Jun 2019

Under implementation

11 Oct 2019 - 656 days so far

FAA effective

11 Oct 2019

Disbursement - USD 28,864,966

30 Jun 2020

Completed

One region

  • Latin America and the Caribbean

One country

USD  
  • Financing
    • Private sector
    • Public sector
  • Size
    • Micro
    • Small
    • Medium
    • Large

GCF financing16% disbursed

InstrumentAmount
LoanUSD 39,000,000
Total GCF Financing
USD 39,000,000

Cofinancing

CofinancerInstrumentAmount
Co-FinancingLoanUSD 40,000,000
Co-FinancingEquityUSD 82,000,000
Co-FinancingLoanUSD 20,000,000
Total Co-Financing
USD 142,000,000

GCF Contacts

General media inquiries

GCF Communications
Phone +82 32 4458 6338 (KST)
Send e-mail

Request for information

GCF Information Disclosure
Request information about this project

Project complaints and grievances

GCF Independent Redress Mechanism (IRM)
Phone +82 32 458 6485 (KST)
File a complaint

Integrity issues

GCF Independent Integrity Unity (IIU)
Phone +82 32 458 6155 (KST)
Send e-mail

Accredited Entity

Corporación Andina de Fomento
Mr. Edgar Salinas
Executive Principal, Vice-presidency Sustainable Development
Edificio Via Esplanada, sala 201, SAF/Asa Sul, Quadra 02. Bloco D, CEP 700700-600, Brasilia, Brazil
Phone +55 (61) 2191-8624
esalinas@caf.com
Mr. Oscar Guevara
Executive Principal, Vice-presidency Sustainable Development
Boulevard Pacifica P.H. Oceania Business Plaza, Torre 2000 Piso 24, Postal Code:0832, Panama City, Panama
Phone +507 297 5378
oguevara@caf.com
More contacts

National Designated Authority

Chile
Ministry of Finance
Mr. Alejandro Weber Pérez
Undersecretary of Finance
Teatinos 120, Santiago, Chile
Phone +56 2 2828 2007
aweber@hacienda.gov.cl
Mr. Joaquin Guajardo Beroiza
Focal Point Green Climate Fund
Teatinos 120 Santiago, Chile
Phone + (56) 2 28282312
jguajardo@hacienda.gov.cl