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Project development (executed by IDB) to develop a series of EE and RESS production pilot projects ready for financing, by documenting the entire process so as to provide guidance for future projects; Identification of possible financial structures and mechanisms (executed by IFC); and Program evaluation (executed by IDB) to develop the design of a randomized experiment or other methodology to evaluate the impact of the intervention Progress The technical assistance started on July 2013 and is estimated to be finalized by August 2014. A consortium –KSW, Econer, and Aries- was selected to develop the first component –market development-. The outputs of component 1 are necessary to initiate the subsequent components. In other words, components 2-5 will start in parallel, approximately in October, once component 1 is finished. CIRCUMSTANCES AND RATIONALE FOR INVESTMENT PLAN REVISION In the initial IP, USD 100M were requested from the TFC for the CSP project, of which USD 67M were approved. The GoC is requesting the reallocation of the remaining USD 33M of unused CTF resources to a new program. After the submission of Chile’s IP, the GoC published a new geothermal regulation. The investment plan revision seeks to support the initiative of the GoC to boost the development of its geothermal resources. The GoC proposes to reallocate USD 33M to a Geothermal Risk Mitigation Program (MiRiG). The GoC has determined that this program is aligned with both the rationale of Chile’s development priorities and CTF’s investment criteria (see p.19). A preliminary concept note is included in this IP Revision (see Annex 1). Additionally, the recent passing of the 20/25 Law, which requires that 20% of the energy of new energy contracts comes from NCRE sources by 2025, further supports the clear goal of the GoC to increase the share of RE in the current energy matrix.4 Geothermal Law The Chilean government set a new regulation, Decree No. 114-20125, for geothermal concessions to streamline project initiation. This regulation came into effect on March 8th, 2013, and aims to reduce market risks and expedite the regulatory processes. The new regulation grants an exclusive right of exploitation concession to the exploration concessionaire and reduces the requirements associated with concessions. With the publication of the new regulation of geothermal energy, the Ministry of Energy made a significant regulatory change to encourage the development of this non-conventional renewable energy 4 For contracts signed after July 1, 2013, this law contemplates a progressive growth of the contribution of NCRE of 1% yearly to reach 12% by 2020, 1.5% yearly from 2021 to 2024 to reach 18%, and 2% by 2025, in order to reach the 20% share of NCRE by 2025. This means that over the next decade the role of all NCRE sources will become increasingly important, as will the need to incorporate appropriate technical standards and the adequacy of a distribution matrix that facilitates the injection of distributed generation. 5 http://bit.ly/Geothermal-Regulation Page | 9PDF Image | CLEAN TECHNOLOGY FUND INVESTMENT PLAN FOR CHILE
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