The funds will support renewable energy schemes, including wind energy, photovoltaic, concentrated solar power, biomass units and transmission lines for renewables, EIB said.
The European Investment Bank (EIB) said Tuesday it is extending a framework loan of EUR 150 million (USD 205m) to commercial bank Santander Chile (SCL: BSANTANDER) to finance renewable energy and other local projects mitigating climate change.
The funds will mainly support large and medium-scale renewable energy schemes, including wind, photovoltaic, concentrated solar power, biomass units and transmission lines for renewables, EIB said. The loan is granted under the Facility for Energy Sustainability and Security of Supply (ESF).
Chile’s government estimates that non-conventional renewable energy should represent 45% of the new power capacity installed between 2014 and 2025 so as to achieve a renewables share of 20% at the end of this period.