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.
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 - 1,116 days
FAA effective
11 Oct 2019
Disbursement - USD 28,864,966
30 Jun 2020
Disbursement - USD 4,692,763
12 Oct 2021
Completed
30 Oct 2022
-
Financing
- Private sector
- Public sector
-
Size
- Micro
- Small
- Medium
- Large
GCF financing86% disbursed
Instrument | Amount |
---|---|
Loan | USD 39,000,000 |
Total GCF Financing |
---|
USD 39,000,000 |
Co-financing
Co-financer | Instrument | Amount |
---|---|---|
Co-Financing | Loan | USD 40,000,000 |
Co-Financing | Equity | USD 82,000,000 |
Co-Financing | Loan | USD 20,000,000 |
Total Co-Financing |
---|
USD 142,000,000 |
GCF Contacts
General media inquiries
GCF CommunicationsSend e-mail
Request for information
GCF Information DisclosureRequest information about this project
Project complaints and grievances
GCF Independent Redress Mechanism (IRM)Phone +82 32 458 6186 (KST)
File a complaint
Integrity issues
GCF Independent Integrity Unity (IIU)Phone +82 32 458 6714 (KST)
Send e-mail
Entity
Corporación Andina de Fomento
Climate Action and Positive Biodiversity, Director
Ciudadela 1235, Montevideo, Uruguay
Climate Action and Positive Biodiversity, Principal Executive
Carrera 9 No 76-49, Edificio ING, piso 7, Bogotá, Colombia
More contacts
National Designated Authority
Ministry of Finance
Undersecretary of Finance
Teatinos 120, Santiago, Chile
Senior Advisor, Financial and International Affairs
Teatinos 120, Santiago, Chile
Documents
Title | Type | Date |
---|---|---|
2020 Annual Performance Report for FP017: Climate action and solar energy development programme in the Tarapacá Region in Chile | Annual Performance Report | 10 Sep 2021 |
Gender assessment for FP017: Climate action and solar energy development programme in the Tarapacá Region in Chile | Gender assessment | 06 Jun 2017 |
Gender action plan for FP017: Climate action and solar energy development programme in the Tarapacá Region in Chile | Gender action plan | 06 Jun 2017 |
Climate action and solar energy development programme in the Tarapacá region in Chile | Approved funding proposal | 22 Mar 2017 |
Environmental and social safeguards (ESS) report for FP017: Climate action and solar energy development programme in the Tarapacá Region in Chile | Environmental and Social Safeguards report | 09 Dec 2016 |