Espejo de Tarapacá
Providing stable, 24-hour baseload energy and solving the intermittency of renewable energy through a combination of pumped storage hydroelectric energy and a solar power plant
Exposed to spot market price, the Chilean energy market is unique in that it has volatile pricing throughout the day. Many renewable energy projects encounter intermittent issues where volatile pricing on the spot market can be a great disadvantage, particularly in solar power plants, which operate during the daytime only.
The Espejo de Tarapacá project comprises two commercially-integrated power plants: (1) a 300 MW pumped storage hydroelectric plant using the Pacific Ocean as its lower reservoir; and (2) and a 561 MW photovoltaic solar plant.
The project will set a precedent by providing a renewable baseload solution at a competitive price. It will also contribute to climate change adaptation by providing stable water supply from its own desalination plant to vulnerable local communities. GCF’s USD 60 million anchor equity investment will help attract additional private sector debt and equity investors, which will fund the remaining investment of USD 1.1 billion.
This project has an estimated lifespan of 35 years.
- Private sector
- Public sector
GCF financing10% disbursed
|Total GCF Financing|
General media inquiriesGCF Communications
Request for informationGCF Information Disclosure
Request information about this project
Project complaints and grievancesGCF Independent Redress Mechanism (IRM)
Phone +82 32 458 6186 (KST)
File a complaint
Integrity issuesGCF Independent Integrity Unity (IIU)
Phone +82 32 458 6714 (KST)
National Designated Authority
|2020 Annual Performance Report for FP115: Espejo de Tarapacá||Annual Performance Report||13 Jul 2021|
|Gender action plan for FP115: Espejo de Tarapacá||Gender action plan||05 Sep 2019|
|Gender assessment for FP115: Espejo de Tarapacá||Gender assessment||05 Sep 2019|
|Espejo de Tarapacá||Approved funding proposal||23 Jul 2019|
|Environmental and social safeguards (ESS) report for FP115: Espejo de Tarapacá||Environmental and Social Safeguards report||01 Mar 2019|
News + Stories
GCF and MUFG Bank initiative to accelerate green energy transition in Chile
11 Dec 2019 / Today at COP25, the Green Climate Fund (GCF) and MUFG Bank, Ltd. took the first step towards allocating GCF resources to the Espejo de Tarapacá renewable energy project in Chile by signing a Funded Activity Agreement (FAA). The project, which was submitted by MUFG Bank – one of GCF’s Accredited Entities – will be led by the renewable energy developer Energía Valhalla.