Enel Green Power through the Inter-American Investment Corporation (IIC) has recently announced that it is seeking financing for the 48 MW Cerro Pabellón geothermal plant, which is being developed at the Apacheta geothermal concession, 1,300 km north of Santiago, at an altitude of 4,500 masl.
More specifically, Enel Green Power Chile has requested financing for an amount of US$30 million from the IIC in its capacity as administrator of the Clean Technology Fund in the form of a short-to-medium term loan, which could be partially or fully convertible to a grant.
In this line the IIC has announced that it intends to hire an independent environmental and social consultant for due diligence to evaluate the risks present, confirm the project categorization, assess management plans to mitigate these risks, and define a project action plan.
The project comprises two 24 MW units for a total gross installed capacity of 48 MW. Once fully operational, Cerro Pabellón will be able to generate nearly 340 GWh per year. The project is supported by long-term power purchase agreements (PPA).
The electricity generated by Cerro Pabellón will be delivered through a 80 kilometer transmission line to the transmission network of Chile's northern region (SING - Sistema Interconectado del Norte Grande). The project has a total cost of US$320 million.
Commercial operation of the power plant is expected to occur in the first half of 2017.