The funds $20.7 million from the IDBs ordinary capital, and a $20.7 million loan from the Canadian Climate Fund for the Private Sector in the Americas, administered by IDB will be used to fund Spain-based Solarpacks 25 MWp Pozo Almonte Solar project in Chiles Tarapacá, currently under construction, and its one MWp Calama Solar 3 project, completed last June.
Overall, the two projects are expected to cost $82.7 million. While the Calama Solar 3 project is already online and is supplying energy to the Codelco mining company, the Pozo Almonte Solar project is scheduled for completion by the end of this year. It will sell the generated energy to the Collahuasi mining company.
"This project has a lot of upside it helps reduce the countrys carbon footprint and is in line with the priorities of both Chile and the Bank, as well as with the objectives of the Canadian Climate Fund," stated Jean-Marc Aboussouan, chief of the Infrastructure Division of the IDBs Structured and Corporate Finance Department.