Quick Facts

Countries:
Where the impacts of the investment may be experienced.
  • Chile
Banks:
International, regional and national development finance institutions. Many of these banks have a public interest mission, such as poverty reduction.
  • Green Climate Fund (GCF)
Bank Risk Rating: B
Risk rating varies among banks and may refer only to the particular investment and not to the risk for the project as a whole. Projects marked 'U' have an 'Unknown' risk rating at the time of disclosure.
Borrower or Client: Atacama Solar S.A
The holder of the loan, grant, or other investment.
Investment Type(s): Loan
The categories of the bank investment: loan, grant, etc.
Investment Amount (USD): $ 49.00 million
Value listed on project documents at time of disclosure. If necessary, converted to USD$. Please review updated project documents for more information.
Project Cost (USD): $ 265.00 million
Value listed on project documents at time of disclosure. If necessary, converted to USD$. Please see updated project documentation for more information.

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Primary Source

Original disclosure @ GCF website
Updated in EWS: 2017-11-06
Climate Action and Solar Energy Development Programme in the Tarapaca Region in Chile
GCF-FP017

Project Description
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 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
Investment Description
Contact Information
ACCREDITED ENTITY Corporación Andina de Fomento (CAF) Mr. Antonio García Tel: +57 1 743 7369 Ms. Cristina Dozsa Tel: +58 212 209 2120 ACCOUNTABILITY MECHANISM OF GREEN CLIMATE FUND The Independent Redress Mechanism (IRM) is the independent complaint mechanism for a person or people who have been or believe they are likely to be adversely affected by a project or programme funded by the Green Climate Fund. If you submit a complaint to the IRM, it may seek to address the issues raised by facilitating a problem-solving dialogue or, if that is not possible, conducting an independent investigation into whether the GCF has complied with its environmental and social policies. The IRM is newly created and is still in the process of developing its procedures and website. More information about the IRM and how you can file a complaint is forthcoming. You can contact the IRM at irm@gcfund.org.
Bank Documents