CAF approves financing for Chilean solar project

The Green Climate Fund (GCF) has approved project financing to develop the 143 MW Atacama Solar PV project Tarapacá in Chile. 

The total project investment is estimated at US$265 million. The project's financing package comprises an US$49 million loan, which will be extended through the Development Bank of Latin America (CAF).

Phase I of the project involves a 143 MW capacity PV plant that could be expanded to 250 MW. Located in an area with the highest level of solar irradiation in South America, the new solar facility is expected to generate approximately 412 GWh/year. 

The plant, which is scheduled to be commissioned by 2017, will operate at US$44/ MWh. The project will be handle by Sonnedix, a US-based independent power producer (IPP).