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 - 273 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

Cofinancing

CofinancerInstrumentAmount
Co-FinancingLoanUSD 40,000,000
Co-FinancingEquityUSD 82,000,000
Co-FinancingLoanUSD 20,000,000

GCF Contacts

General media inquiries

GCF Communications
Phone +82 10 4458 7751
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 6157
File a complaint

Integrity issues

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

Accredited Entity

Corporación Andina de Fomento

Ms. Maria Moreno
Principal Executive, Sustainability, Social Inclusion and Climate Change
Phone +507 297 5317
mmoreno@caf.com
Mr. Edgar Salinas
Principal executive, sustainability, social inclusion and climate change
Avda Luis Roche Torre CAF, Caracas, Venezuela (Bolivarian Republic of)
Phone +55 (61) 2191 8624
esalinas@caf.com

National Designated Authority

Chile

Ministry of Finance

Mr. Francisco Moreno Guzmán
Undersecretary
Teatinos 120, Santiago, Chile
Phone +56 2 2828 2007
Phone +56 2 2828 2017
fmoreno@hacienda.gov.cl
Ms. Trinidad Lecaros Cox
Macroeconomic Analyst, Sustainable Development and Natural Resources Area
Teatinos 120, Santiago, Chile
Phone +56 2 2828 2232
Phone +56 2 2828 2050
tlecaros@hacienda.gov.cl