The European Investment Bank (EIB) has granted a loan of €150 million (US$205 million) to the Chilean bank Banco Santander Chile to fund renewable energy projects.
The fund is specifically for financing efforts to combat climate change – mainly renewable energy development, transmission and transport.
The loan is to be used for mainly wind, PV, CSP and biomass projects and was granted as part of Facility for Energy Sustainability and Security of Supply (ESF).
One of the most recent utility-scale solar parks to be completed in Chile is SunEdison’s Amancer CAP 100MW project, built for the mining corporation CAP Group and which is the world’s first utility-scale merchant solar project.
Mining groups in Chile account for a significant amount of energy demand, and subsequently carbon emissions. On Wednesday copper mining groups reported blackouts which halted operations or required back up generators.
Since 1993, EIB has provided Latin America over €6,300 million investment.