Spanish multinational firm Solarpack will receive around $65m in funding from the Inter-American Development Bank (IDB) and French financial institution Proparco for three solar power projects in Chile.
Of the total funding, IDB will provide $41.4m and the remaining $25m will be provided by Proparco, according to the Bloomberg.
Developed and owned by Solarpack, the Pozo Almonte and Calama Solar 3 solar projects have a total installed capacity of around 26.5MW.
Solarpack CEO Pablo Burgos said that financing for solar power projects in Chile plays a key role in consolidating the company’s position in the nation’s solar business.
"The recognition for our company in having the support of two such prestigious organisations further strengthens our commitment to stay in this part of the world. We firmly believe that we can grow here and use our expertise to develop the solar energy sector," added Burgos.
The Calama Solar 3 plant, which has been operational since April 2012, has a capacity of around 1.1MW, while the 25.4MW Pozo Almonte plant is currently under construction and is expected to become operational in October 2013.
Mining firms Codelco and Collahuasi will purchase the electricity generated from these solar power projects.