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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 area
  • Energy generation and access
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 and the Caribbean
  • Chile CHL

Investment Data

  • Financing:
    • Public
    • Public / Private
    • 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
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.
Document title
Published date
ESS report FP017 - CAF - Chile 09 Dec 2016
Approved funding proposal FP017 - CAF - Chile 22 Mar 2017
Gender assessment FP017 - CAF - Chile 06 Jun 2017
Gender action plan FP017 - CAF - Chile 06 Jun 2017
Accredited Entity
  • Corporación Andina de Fomento (CAF) Ms. Maria Moreno Tel: +507 297 5317 Mr. Edgar Salinas Tel: +55 (61) 2191 8624
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