IFC approves $49 million loan for Chile PV plant expansion

Facebook
Twitter
LinkedIn
Reddit
Email

The International Finance Corp (IFC), the development finance institution and member of the World Bank, has approved a $49 million loan to Selray Energias to advance the construction of La Huayca II, a 29.1MW solar power plant in the Atacama region of Chile.

The project will expand the 1.4MW La Huayca I plant completed last year to 30.5MW.

This article requires Premium SubscriptionBasic (FREE) Subscription

Unlock unlimited access for 12 whole months of distinctive global analysis

Photovoltaics International is now included.

  • Regular insight and analysis of the industry’s biggest developments
  • In-depth interviews with the industry’s leading figures
  • Unlimited digital access to the PV Tech Power journal catalogue
  • Unlimited digital access to the Photovoltaics International journal catalogue
  • Access to more than 1,000 technical papers
  • Discounts on Solar Media’s portfolio of events, in-person and virtual

Or continue reading this article for free

Selray Energias is a joint venture between Germany’s Saferay solar developers and Chilean electrical engineering firm Seltec. Selray Energias has created special purpose vehicle SPS La Huayca to execute construction.

The total cost of La Huayca II is expected to be around US$67.1 million and is expected to be unsubsidised by either feed-in tariff (FiT) or other subsidised tariffs. Conditions in Chile have made it feasible for private investors to sell electricity profitably to the local grid at market prices.

The expanded La Huayca will span 50 hectares with almost 125,000 modules to be used and will connect to Chile’s Northern Interconnected Electricity system (known as SING) via an 18km transmission line, making it the first merchant provider of solar electricity to join the SING grid.

Expected to begin construction this month, project completion is slated for April 2014.

This is the second large-scale solar project in which the IFC has been involved, following the Aura Solar project, Mexico. It follows the news last week that SunEdison and First Solar are both planning utility-scale PV projects in Chile and that US$1.1 billion in foreign investment in PV from China had been approved by the Chilean Foreign Investment Committee (CIEC).

Saferay subsidiary and special purpose company Parque Solar Carrera Pinto submitted to plans to build another US$300 million, 135MW PV plant in Copiapo, also in the Atacama desert, to the Chilean environmental authorities in April 2013, and pending approval construction on the Copiapo plant is expected to begin in September this year.

Read Next

July 4, 2025
Australian retailer AGL Energy has confirmed its acquisition of South Australia’s Virtual Power Plant (SAVPP) from Tesla.
July 3, 2025
Renewable energy curtailment in Brazil is set to reach 8% across the country, and be as high as 11% in the north-east, by 2035.
July 3, 2025
Spanish IPP Zelestra has secured a €235 million (US$277 million) increase to its sustainability-linked loan, bringing the total to €770 million.
July 3, 2025
US tracker manufacturer GameChange Solar has introduced the Genius Tracker TF, a new terrain-following solar tracker system designed to deliver “the industry’s lowest grading requirement on challenging terrain.” 
Premium
July 3, 2025
Meeting the UK’s solar targets will not simply require the installation of new capacity, but investment in grid infrastructure and training.
July 3, 2025
TotalEnergies has expanded its renewables assets in the Caribbean, sold a stake in projects in Portugal and begun construction on two PV parks in Spain.

Subscribe to Newsletter

Upcoming Events

Media Partners, Solar Media Events
September 2, 2025
Mexico City, Mexico
Solar Media Events
September 16, 2025
Athens, Greece
Solar Media Events
September 22, 2025
Bilbao, Spain
Solar Media Events
September 30, 2025
Seattle, USA
Solar Media Events
October 1, 2025
London, UK