Chile is intending to launch two marine energy pilots on the southern coast of the country with the assistance of funding from the Inter-American Development Bank (IDB).
The initiative is aimed at supporting Chile’s development of marine energy thereby contributing to the country’s energy security and the diversification of its economy. The initiative will explore the potential of marine energy which has not yet been deployed in Chile to any great extent. According to a study commissioned by the IDB marine energy could have a significant impact on the country’s energy matrix even if only a small amount of the generated energy was used.
The project has been funded by a $2.95 million technical cooperation grant from the IDB and includes a $2.4 million investment for two pilot programmes. The first of these will focus on tidal energy while the second will concentrate on wave energy. The investment funding will be complemented by $550,000 in technical support to accompany the implementation of the pilot programmes.
“In terms of energy needs, Chile is the second least self-sufficient country in Latin America after Panama, and currently imports 75 percent of its energy resources” said Christoph Tagwerker, consultant at the Climate Change and Sustainability Division of the IDB. “So far, the potential of tidal and wave power has not been used in the country or elsewhere in Latin America, but has a huge potential. Chile now has a great opportunity to change its dependency on foreign energy and to reduce their greenhouse gas emissions of. In fact, it is one of the countries with the highest marine and solar energy resources of the Latin American region.”
The Chilean Government will select two companies that will benefit from the technical cooperation and will be responsible for the design, construction and operation of the programmes. The IDB will also provide technical assistance to the government throughout the entire execution of the programme, from the bidding process to the operation of the facilities. The bank’s contribution is also expected to attract the participation of other sources of financing to the programme.
Further information:
Inter-American Development Bank (IDB)
Inter-American Development Bank (IDB) Climate Change and Sustainability Division
