Chile receives US$50 million funding for PV projects

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The Chilean Ministry of Energy announced yesterday that it had obtained funding for photovoltaic projects worth $50 million from the Clean Technology Fund (CTF). The financial support will be provided by the Inter-American Development Bank (IADB) as soft loans for investors.

Only solar projects that will be connected to one of Chile’s main grid systems – Big North Interconnected System (SING) or Central Interconnected System (SIC) – will be eligible for the funds, however.

Chile’s current installed photovoltaic capacity is 3.6 MW. At present time, there are several projects under construction in the country totaling 68.3 MW. In addition, over 4 GW are in the pipeline, according to April’s statistics released by the Renewable Energy Center.

"This funding obtained by the Ministry of Energy, in Washington, is a clear demonstration of the political will of the government to assimilate renewable energy into the Chilean electricity matrix," said deputy Energy minister Sergio del Campo in the government statement.

Edited by Vera von Kreutzbruck.