Chile approves financing for 14 hydro projects among 53 renewables

Chile’s economic development agency has approved 53 renewable energy projects, including 14 hydropower projects, as part of its third renewable energy financing program.

Corporacion de Fomento de la Produccion (CORFO) and energy commission Comision Nacional de Energia agreed to provide up to 31 million pesos (US$58,000) to finance pre-investment studies of each project.

Added to 86 previously approved projects, CORFO offers for investment a portfolio of 139 renewable energy projects totaling 800 MW and representing potential investment of US$1.5 billion. (HNN 6/15/07)

With a responsibility to foster development of renewable energy, CORFO offers development incentives such as feasibility funding, investment match-making, soft loans, and an equity fund to leverage creation of renewables investment funds based on three parts CORFO funding and one part private funding. Additionally, the Chilean government has set a target to supply 15 percent of additional demand from non-conventional renewable sources up to 2010.

CORFO is inviting international investors and developers to attend its second international renewable energy investment meeting November 14-16 in Santiago. (HNN 6/8/07) Based on the success of its 2006 meeting, the agency expanded the program of its 2007 meeting to include promoters of Clean Development Mechanism (CDM) and carbon emission reduction (CER) projects.

Investors will have the opportunity to meet promoters of up to five Chilean renewable energy or CDM projects.

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