The financing will support the construction of the first local concentrated solar power (CSP) plant that will generate 110 MW in Antofagasta region for the northern system SING.

The Chilean government signed contracts worth EUR 115 million with German development bank KfW to encourage solar energy development in Chile.

The financing will support the construction of the first local concentrated solar power (CSP) plant that will generate 110 MW in Antofagasta region for the northern system SING, finance minister Alberto Arenas said.

The first contract is a loan of up to EUR 100 million for Chilean production development agency Corfo, which will offer financing to intermediary banks for projects linked to solar energy. The other contract is a donation of up to EUR 15 million for technical assistance and training to help the intermediary banks evaluate and manage projects of this type.

Chile’s energy strategy aims at diversification through renewable energy, efficient use of energy, competition and lower electricity costs for businesses and homes, the minister stated.

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