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Chile,Germany : FUNDING offered by German bank and EU to Chile mining power plant.

State owned German bank KfW has said that it is to advance a 100 million loan ($123 million), to help provide funding for Chile s first solar-thermal power plant which will supply electricity to the mining industry.

The German bank declared an advancement of its loan in a statement that the funding represents approximately 10% of the total investment that is estimated to be necessary for the power plant project.

Moreover, Germany s environment ministry is all prepared to support the project with interest subsidies and consultancy for the build as part of its global development policies.

The plant is all prepared to be constructed by Abengoa SA (ABG) a Spanish company that provides worldwide renewable energy solutions.

German Environment Minister Barbara Hendricks said, This project will help prove the economic operation of concentrated solar power technology in the Earth s sunbelt . Because it can store energy, this technology is also suited for basic electricity supply and therefore highly innovative.

Additionally, the European Commission will offer a further 15 million euros, to be given to KfW through its Latin American Investment programme.

The project is expected to ease strain on Chile s energy sector and improve efficiencies in the country s mining industry; presently it is approximate that mines operated in the country contributed to around a third of the nation s total power consumption.

Chile needs wide-ranging fossil-fuels to support such in progress energy consumption by industry that is essential for its economy and therefore has spend in renewable energy resources and new technologies to enhance efficiency.

The plant is likely to be functioning by 2017 and start supplying mining operations with power.

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Publication:Mena Report
Geographic Code:3CHIL
Date:Dec 20, 2014
Words:286
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