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EXECUTIVE SUMMARY The Clean Technology Fund (CTF) Investment Plan (IP) submitted by the Government of Chile (GoC) was endorsed by the CTF Trust Fund Committee (TFC) on May 3, 2012. The CTF IP provides support for the achievement of the renewable energy objectives contained in the National Energy Strategy of Chile. The CTF IP was designed by the GoC together with the Inter-American Development Bank (IDB) and the International Finance Corporation (IFC). The focal point for the CTF in the GoC lies in the Ministry of Energy. The CTF IP includes one project — the Concentrated Solar Power Plant (CSPP) — to be executed by the IDB and two programs — the Large-Scale Photo-Voltaic Program (LSPVP) and the Renewable Energy Self- Supply & Energy Efficiency (RESSEE) — to be executed jointly by IDB and IFC. The IP expects to receive USD 200M in CTF resources, which will leverage additional resources from the GoC, the MDBs, the private sector, and other sources. So far, USD 118M of CTF resources have been approved by the TFC: USD 67M for the CSPP, USD 50M for the LSPVP, and USD 1M for the RESSEE preparation grant. In the initial IP USD 100M were requested from the TFC for the CSPP project, of which USD 67M were approved. After evaluating a number of alternatives, the GoC proposes to reallocate the USD 33M of unused CTF resources to a Geothermal Risk Mitigation Program (MiRiG). The GoC has determined that this program is aligned with both the rationale of Chile’s development priorities and the CTF investment criteria. The inclusion of geothermal power in the IP is timely. The Congress passed in September 2013 the 20/25 Law, which requires that 20% of the energy of new energy contracts comes from non-conventional renewable energy (NCRE) sources by 2025. This further supports the clear goal of the GoC to increase the share of RE in the current energy matrix.1 Additionally, in March 2013, a new regulation concerning the geothermal resource concessions was approved. This regulation (Decree No. 114-2012) will streamline the concession process for geothermal projects and provide developers with long-term certainty over development rights to tap into Chile’s geothermal resource potential. The proposed MiRiG Program will be designed to catalyze investments in geothermal energy using risk transfer mechanisms that reduce exploration and development costs and risks, and mobilize private capital to ensure sustainable, long term growth. This mechanism will be combined with an ambitious technical assistance and capacity building component. MiRiG will be executed jointly by the IDB and the World Bank (International Bank for Reconstruction and Development, IBRD). IDB will execute the financial component (risk mitigation mechanisms), and IBRD will execute the technical assistance component. A preliminary concept note for the Program is included in this IP Revision (Annex I). 1 For contracts signed after July 1, 2013, this law contemplates a progressive growth of the contribution of NCRE of 1% yearly to reach 12% by 2020, 1.5% yearly from 2021 to 2024 to reach 18%, and 2% by 2025, in order to reach the 20% share of NCRE by 2025. This means that over the next decade the role of all NCRE sources will become increasingly important, as will the need to incorporate appropriate technical standards and the adequacy of a distribution matrix that facilitates the injection of distributed generation. Page | 4PDF Image | CLEAN TECHNOLOGY FUND INVESTMENT PLAN FOR CHILE
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