Geotermica del Norte S.A., a joint venture company of Enel Green Power Chile Ltda and Empresa Nacional del Petroleo (Enap), has completed project financing of USD30 million for the construction and development of Cerro Pabellon geothermal power project situated in Pampa Apacheta, Ollague district, El Loa, Antofagasta region, Chile. The finance was provided by Clean Technology Fund Loan (CTF) administered by The Inter-American Investment Corporation (IIC). The total installed capacity of the power plant will be 75 MW. The electricity generated from the geothermal power project will be sold under a long term power purchase agreements and will be supplied to the transmission network of Chile’s northern region (Sistema Interconectado del Norte Grande).
Enel Green Power Chile holds 51% stake while Enap holds 49% stake in the joint venture company.