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Chile’s Renewable Energy and Energy Efficiency Market: Opportunities for U.S. Exporters Consequently, the Chilean economy has faced considerable hardship when natural gas shipments from Argentina were reduced starting in 2004, or when long periods of drought, limited hydropower production.33 Both examples resulted in electricity rationing. In the mid-2000s, the acute sense that Chile’s economy was at risk from global energy price shocks catalyzed large investments in domestic energy production – mainly utilizing traditional fossil fuel resources. As a result, coal now represents 63% of Chile’s energy mix.34 But these same energy security concerns have also facilitated growing investments in renewable energy, particularly in Northern Chile. ITA expects this investment to result in significant opportunities for U.S. companies that have expertise in developing off-grid solar, geothermal, and wind projects over the next several years. In the medium- and-long term, experience working in Chile on these smaller projects may provide opportunities to develop or supply larger utility-scale projects throughout the country. Pricing Chile’s lack of domestic energy production and its growing demand for energy has forced consumers to pay higher electricity prices relative to other Latin American markets.35 While the situation is difficult for rate payers, it makes Chile one of the few markets where renewable energy can compete without incentives. As the price of solar energy in particular continues to fall, Chile should provide a captive and valuable market for development. Importantly, prices are not the same across Chile. Consumers in central Chile pay close to the median average for Latin America, but consumers in the North – mostly large mining companies – pay higher prices due to high demand and to a reliance on natural gas.36 This should provide ample opportunity for U.S. companies capable of developing off-grid applications. renewableenergyworld.com/rea/news/print/article/2012/04/chile-looks-to- renewables-as-its-grid-falters 33 Government of Chile, “National Energy Strategy 2012-2030: Energy for the Future,” pp. 10 (February 2012) 34 Ibid,12 35 Bloomberg New Energy Finance, “H2 2012 Latin America Market Outlook,” pp. 2 (02 December 2012) 36 Bloomberg New Energy Finance, “Climate Scope 2012: Assessing the Climate for Climate Investing in Latin America and the Caribbean,” pp. 47 Challenges Facing U.S. Exporters The challenges faced by U.S. RE&EE exporters in Chile are often not that different than the challenges faced by Chilean companies. Unlike other markets where protectionist policies place U.S. firms at a disadvantage, U.S. exporters receive the same incentives as local companies and thus the challenges are more structural and market driven than policy-based. Nevertheless, an understanding of the hurdles that face renewable energy projects is critical for U.S. companies to be successful. The most common barriers are the high cost of initial investment; limited availability of financing – especially from local banks; difficulties connecting projects to transmission lines; and difficulty negotiating long-term contracts.37 Some projects can suffer from extremely long lead-times as a result of environment concerns and the process of proving environmental sustainability. Overcoming these barriers can be difficult and finding an experienced local partner can therefore be essential. Financing Local Chilean banks have been slow to invest in Chile’s renewable energy industry, limiting the sector’s growth potential over the previous decade. The exception has been the Chilean Government’s Corporacion de Fomento de la Produccion (CORFO), which has disbursed roughly $12 million for the renewable energy industry and is one of the key incubators for the renewable energy industry in Chile.38 Without the involvement of local financiers, many international organizations like the European Investment Bank, the Inter-American Development Bank, or the World Bank have taken the lead in developing projects.39 These institutions, as well as several private sector investors from the United States, Europe, and China often find Chile a great place to do business thanks to its well-functioning capital markets and business-friendly culture. While some local banks may continue to play a limited role in the sector, continued growth should provide enough incentive that local lenders will begin to invest to a greater extent. 37 Government of Chile, “National Energy Strategy 2012-2030: Energy for the Future,” pp. 20 (February 2012) 38 Bloomberg New Energy Finance, “Climate Scope 2012: Assessing the Climate for Climate Investing in Latin America and the Caribbean,” pp. 48 39 Ibid,48 Manufacturing and Services — Market Intelligence 7PDF Image | Saudi Arabia’s Electricity Market and Opportunities
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