The IIC Finances Photovoltaic Solar Plant in Chile
Loan of US$3.8 million supports investment in projects that generate electricity from renewable sources
Washington, D.C., December 18, 2015 — The Inter-American Investment Corporation (IIC) approved a loan of up to US$3.8 million to GR Pacific Pan de Azúcar SpA comprising an IIC loan of up to US$1.9 million and a concessional loan from the Canadian Climate Fund for the Private Sector in the Americas for up to US$1.9 million to finance the development, construction, start-up, and maintenance of a photovoltaic solar power plant with nominal capacity of 2.95 MW near the city of Ovalle, Limarí Province, Chile.
“With this operation, the IIC contributes to developing unconventional renewable energy projects, supporting Chile’s energy strategy,” said Ana María Orellana, the IIC lead investment officer in charge of the operation. “The project is expected to generate 6,902 MWh of electricity, meeting the annual electricity needs of more than 1,900 Chilean homes and contributing to reducing greenhouse gas emission by an estimated total of up to 5,428 tons of CO2 equivalent annually.”
The total cost of the project is approximately US$6.3 million, which includes development costs and the purchase of the panels, inverters, transformers, mounts, and other minor equipment, as well as construction, installation, and interest during the start-up period. The photovoltaic plant will connect to the power grid for the central part of the country (Sistema Interconectado Central, SIC) via a 23 kV distribution line.
GR Pacific Pan de Azúcar SpA is a special-purpose Chilean corporation established to hold and develop this project.
About the IIC
The IIC, a member of the Inter-American Development Bank (IDB) Group, promotes private-sector development in Latin America and the Caribbean with a focus on small and medium-sized enterprises (SMEs). The Corporation provides companies with financing in the form of equity investments, loans, and guarantees, as well as with technical assistance, advisory services, and innovative knowledge products. In 2014, the IIC approved 64 operations totaling $426.3 million. Since its inception, the IIC has approved more than 920 loan and equity investments for SMEs and financial intermediaries, for a total of US$5.63 billion. An additional $3.7 billion has been mobilized through cofinancing and syndication agreements. For additional information on the IIC’s activities, visit www.iic.org.
Contact: Ana María Orellana
Telephone: + (562) 431-3707 in Santiago, Chile