Geotermica Del Norte Completes Project Financing of USD30 Million for Cerro Pabellon Geothermal Power Project in Antofagasta, Chile

Published: Mar 27 2017
Deal Summary

Geotermica del Norte S.A., a renewable energy company, 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 48 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).

Geotérmica del Norte is a joint venture controlled by Enel’s Chilean renewable subsidiary Enel Green Power Chile (83.65%) and participated by Empresa Nacional del Petroleo (16.35%).

On September 12, 2017, the power plant has been inaugurated, the first 24 MW unit started its commercial operations in March 2017, while the second 24 MW unit will be fully operational in October 2017.

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