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.
- Private sector
- Public sector
General media inquiriesGCF Communications
Phone +82 10 4458 7751
Request for informationGCF Information Disclosure
Request information about this project
Project complaints and grievancesGCF Independent Redress Mechanism (IRM)
Phone +82 32 458 6157
File a complaint
Integrity issuesGCF Independent Integrity Unity (IIU)
Phone +82 32 458 6155
Principal Executive, Sustainability, Social Inclusion and Climate Change
Principal executive, sustainability, social inclusion and climate change
Avda Luis Roche Torre CAF, Caracas, Venezuela (Bolivarian Republic of)