Small Progress In Wind Sector
BMI View: Our fears over the stagna nt renewable energy project pipeline in Chile have abated marginally following the news that financial close has been reached, and the construction a new wind farm has begun . We highlight that the C hina Development Bank's role is key to the development of the project and we believe that IFIs will have to play an increasingly important role within the country's renewables industry if growth is to be sustained as the government is still yet to introduce a regulatory framework for renewables.
Irish renewable energy company, Mainstream, announced on February 1 2013 that it has reached financial close and started construction on a 33MW wind power project in Chile, with the total cost of the project expected to come in at US$70mn. The company secured a US$52mn from the China Development Bank (CDB) to help finance the project and Chinese turbine manufacturer, Goldwind, has been awarded the supply contract. Mainstream has gradually increased its wind power project portfolio in Chile since it first entered the market in 2009 (after partnering with local developer Andes Energy), and is currently developing about 2.3GW of wind and solar projects within the country, according to the company.
IFIs' Support Crucial
|Growing Regional Hub For Wind Power|
|Wind Capacity (MW), By Country, 2012 And 2022 And Chile Total Non-Hydropower Renewables Capacity,2012-2022|