Chile funds 740 MW in renewable energy projects

State development agency Corfo will provide the funds, which will support pre-investment studies

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Chile's government awarded $1.3 million in financing to advance renewable energy projects totaling 740 MW in a third call to boost use of alternative power sources.

In a statement, the energy ministry's renewable energies center CER said 15 small hydro, 15 wind energy, 12 solar power, seven biomass energy and one hybrid project, along with one associated transmission line, received funding.

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State development agency Corfo will provide the funds, which will support pre-investment studies.

The competition was open to projects under 50 MW and includes participation of German development bank KfW.

Last week, SunEdison's new general manager for the country, Alfredo Solar, said state involvement will be crucial to non-conventional renewable energy development in Chile.

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