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STATUS OF ORIGINAL INVESTMENT PLAN IMPLEMENTATION IDB: Concentrated Solar Power Project (CSPP) Description The project goal is to contribute to the transformation of Chile’s energy matrix towards a low-carbon growth path. The objective of the CSPP project is to enable the construction of the first CSP power plant in South America. The approximate capacity is targeted for 50MW with a load-factor of 40%.2 This will be achieved by lowering the existing energy price gap between conventional power solutions and CSP technology through the provision of subsidies and concessional credit lines. These resources will be allocated to the winning project of the competitive tender issued through CORFO (a national development corporation). The CTF will provide a concessional loan of USD 67M through IDB, and KfW will provide further EUR 100M through local commercial banks. In addition to the USD 20M grant from Chile, an EUR 15M grant of the Latin-American Investment Facility (European Commission) has been approved. Rationale Chile is among the most carbon-intensive economies in Latin America. Power generation in the northern region of Chile, where most of the mining companies are located, is a significant contributor to Chile’s GHG emissions. Most mining companies are unregulated clients who buy their energy from energy generators. Although the northern region has ideal solar conditions for solar energy, more than 95% of the electricity generated comes from conventional energy sources. This is explained by the preference of mining companies to buy continuous — baseload —and as cheap energy as possible. Concentrated solar power with storage could offer baseload energy, but it is currently not price-competitive in comparison to conventional baseload power solutions. That being said, CSP could be a potential solution for off-takers who need to comply with the renewable energy portfolio standard (RPS) and need baseload power. CSP has therefore the potential to be an important player among NCRE technologies. Blending CTF with other financing resources could help lower the LCOE of CSP and make it more attractive to off-takers. As the first CSP plant in Chile, this project will help remove market barriers and risks associated with a new energy technology solution. As a result, it is expected that the first CSP plant will fast-track CSP development. Progress The CSP tendering process is still open. The participants can submit their proposals until October 22nd, 2013.3 In order to increase the participation in the bidding process, the GoC with the collaboration of the IDB and GIZ offered workshops to the main stakeholders. A group of representatives from local financial intermediaries (LFIs) traveled to Spain and obtained first-hand experience of how CSP works. 2 The GoC’s tender requires a minimum of 10MW and three storage hours. However, it is expected that with the finance that is being made available, a larger power plant will come out of the competitive process. 3 The previous deadline was August 22, 2013, but in August Chile’s national Comptroller approved a 2-month extension. Page | 6PDF Image | CLEAN TECHNOLOGY FUND INVESTMENT PLAN FOR CHILE
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