Original disclosure @ GCF website
Updated in EWS Jul 29, 2020
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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.
Expected project benefits:
GCF results areas
* 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
Corporación Andina de Fomento (CAF)
Mr. Antonio García
Tel: +57 1 743 7369
Ms. Cristina Dozsa
Tel: +58 212 209 2120
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