EY has published its latest Renewable Energy Country Attractiveness Index (RECAI 60), which ranks the most attractive countries for clean energy investment. Chile is considered one of the two best countries in South America to invest in renewable energy, ranking above Argentina and Mexico.
Since Michelle Bachelet, Chile’s former president, signed an “Energy 2050” strategy that sets the goal of generating 70% of national electricity from renewable sources by 2050, the Chilean government has been actively promoting energy transformation and continuously opening up to the international market to provide long-term opportunities for global investors.
Foreign investment in Chile is playing a key role in diversifying its energy matrix by incorporating renewable projects that seek to take full advantage of the country’s conditions. Chinese companies have actively participated in the renewable energy market in Chile and many large-scale projects have achieved incredible results. In April 2021, PowerChina’s Chile branch signed the 480 MW CEME1 photovoltaic power plant project in Chile. The project is expected to play a positive role in transforming Chile’s energy structure from traditional fossil fuels to clean energy. PowerChina will provide full support to contribute to the sustainable development of Chile’s energy sector.
The Atacama Desert is the driest non-polar desert in the world and is located high in the Andes Mountains in South America, where the 480 MW CEME1 photovoltaic power plant is located. Thanks to its average of about 2 millimeters (0.08 inches) of precipitation per year, abundant sunlight and low humidity make it one of the most suitable regions for solar PV power generation in the world. It has an annual power generation of 1 billion kWh, and the project is expected to supply enough clean energy to power 700,000 homes and offset one million tons of carbon dioxide (CO2) emissions per year.
PowerChina has signed six PV power plant projects in Chile since 2018. It has a total contracted project scale of 820 MW, covering hydropower, clean energy, transmission and power transformation sectors, PowerChina strongly supports Chile’s vision for the future development of the renewable energy market.