Latin bank to invest in Chile renewable energy including hydro

SANTIAGO, Chile 9/14/11 (PennWell) -- A unit of the Inter-American Development Bank (IADB) has agreed to invest up to US$5 million in renewable energy in Chile, including up to eight small hydropower projects.

IADB's Multilateral Investment Fund (MIF) will provide the equity investment to the Chilean Renovarum Renewable Energy Fund, a program that seeks to create a new development model for the local venture capital industry around low-carbon and climate-friendly technologies.

The fund, managed by Renovarum Investment Management S.A. is to invest in up to eight small hydropower projects totaling 160 MW.

The program is to pave the way for the fund to make direct investments in clean energy, contribute to build local management capabilities, and demonstrate the financial viability of the new development model for the local venture capital industry.

"The fund will help leverage private capital in support of the Chilean government's priority of increasing power generation capacity from non-conventional renewable sources," project team co-leader Susana Garcia-Robles said.

Did You Like this Article? Get All the Energy Industry News Delivered to Your Inbox

Subscribe to an email newsletter today at no cost and receive the latest news and information.

 Subscribe Now


Logistics Risk Management in the Transformer Industry

Transformers often are shipped thousands of miles, involving multiple handoffs,and more than a do...

Secrets of Barco UniSee Mount Revealed

Last year Barco introduced UniSee, a revolutionary large-scale visualization platform designed to...

The Time is Right for Optimum Reliability: Capital-Intensive Industries and Asset Performance Management

Imagine a plant that is no longer at risk of a random shutdown. Imagine not worrying about losing...

Going Digital: The New Normal in Oil & Gas

In this whitepaper you will learn how Keystone Engineering, ONGC, and Saipem are using software t...

Latest PennEnergy Jobs

PennEnergy Oil & Gas Jobs