Release date: 20 March 2024
Promoter – Financial Intermediary
ENEL CHILE SALocation
Description
The operation is an allocation under the FL ENEL ENERGY EFFICIENCY & RENEWABLES FL (LATAM) (2020-0823) approved by the Board of Directors on 17.11.2021 (CA/548/21) supporting the development of renewable energy generation and distribution projects in Chile.
Objectives
The project is part of the initial pipeline of investments presented for the assessment of the parent FL and consists of the construction and operation of two solar PV plants located in Sierra Gorda and El Manzano for a total of 304 MWp with an estimated energy yield of 839 GWh/year. The scope of this renewable energy generation component includes some ancillary infrastructure such as substations, main access roads, high voltage transmission lines and 67 MW of battery storage for El Manzano. The project also includes investments in expansion and renewal of distribution network together with smart meters in all communes of the province of Santiago
Sector(s)
- Energy - Electricity, gas, steam and air conditioning supply
Proposed EIB finance (Approximate amount)
USD 251 million (EUR 226 million)
Total cost (Approximate amount)
USD 825 million (EUR 742 million)
Environmental aspects
The Project includes the generation and distribution of electricity: (i) Generation: The investments would be under Annex II of the EIA Directive 2011/92/EU as amended by the Directive 2014/52/EU, if located in the EU, requiring the competent authorities to determine whether an EIA is required. Following Chilean national legislation, an Environmental Impact Assessment and an Environmental Impact Declaration are required for El Manzano and Sierra Gorda, respectively, and thus, they have been carried out by the promoter. The processes and their conclusions will be assessed at appraisal to ensure compliance with the EIB's environmental and social standards. This Project component is expected to contribute to climate action and environmental sustainability (CA&ES) objectives, in particular to climate mitigation and pollution prevention. (ii) Distribution: the investments currently proposed comprise only medium and low voltage assets and relevant associated items in urban or sub-urban areas of Santiago. Therefore, they would be excluded from both Annex I and II of the EIA Directive, if located in the EU. Nonetheless, the Bank will assess the capacity and procedures of the Promoter to ensure the projects' compliance with national environmental, social and biodiversity regulations, as well as with the EIB's Environmental and Social Standards.
Procurement
The Bank will require the promoter to ensure that implementation of the Project will be done in accordance with the Bank's Guide to Procurement.
Status
Approved - 28/08/2024
Disclaimer
Before financing approval by the Board of Directors, and before loan signature, projects are under appraisal and negotiation. The information and data provided on this page are therefore indicative.
They are provided for transparency purposes only and cannot be considered to represent official EIB policy (see also the Explanatory notes).