Solar Energy, Chile

Two new solar projects underway in Chile’s Atacama Desert

Dec 22, 2014

Chile to expand use of non-conventional renewable energy sources with IDB support

Arica 1 and Los Loros photovoltaic (PV) plants will eliminate an estimated 111,000 tons of greenhouse gas emissions annually

Chile will expand the use of renewable resources to substitute for fossil fuel generation to meet the energy needs of its mining industry with two loans from the Inter-American Development Bank (IDB) of $27.7 million for the Arica 1 project and $25.7 million for the Los Loros project. Both projects will sell energy to the spot markets.

“These Projects will contribute to diversifying the energy matrix in the country, which is presently heavily dependent on imported fossil fuels, through the incorporation of renewable energy that is fueled by the exceptional solar resource of Chile’s Atacama Desert,” said Jean-Marc Aboussouan, Chief of the Infrastructure Division of the IDB’s Structured and Corporate Finance Department.

Arica 1 Solar Photovoltaic Power Project

The project, developed by Sky Solar Group, will be sited 26 km northeast of the City of Arica; it will generate 44 MW of renewable energy and will supply electricity to reduce the reliance on fossil fuels in Chile’s northern electricity grid, Sistema Interconectado Norte Grande, where demand derives almost entirely from mining companies and other industrial users.

The project will bring significant private investment to Chile’s northernmost region, which is characterized by low rates of growth and investment. Arica 1 will eliminate an estimated 54,000 tons of greenhouse gas emissions annually.

The IDB financing package for the Arica 1 plant consists of loans to Arica Solar Generación 1, Ltda., controlled by Hong Kong-based Sky Solar Holdings, Ltd., of $27.7 million from the IDB’s ordinary capital, a loan of up to half the amount of the IDB loan ($13.9 million) from the China Fund for Latin America and the Caribbean (China Fund), and a loan of $8.5 million from the Clean Technology Fund.

Los Loros Photovoltaic Power Project

The Los Loros project is the first solar PV project financed by the Bank in the Sistema Interconectado Central (SIC) of the country. The project, located approximately 50 km southwest of the city of Copiapó, has been developed by Solairedirect Chile. Solairedirect of France will be the majority shareholder in the project. It will generate approximately 54 MW of renewable energy and will connect at the Los Loros node, serving the significant energy needs of the central region of the country, and especially the Santiago area.

The project will increase competition in Chile’s central electricity market, while helping to reduce the overall carbon footprint of the central electricity grid, with a reduction of 57,000 tons of greenhouse gas emissions annually.

The Bank’s financing for the Los Loros project includes loans to Solairedirect Generación V SpA of $25.7 million from the Bank’s ordinary capital, senior loans of $6 million from the Canadian Climate Fund for the Private Sector in the Americas (C2F) and $8 million from the China Co-financing Fund for Latin America and the Caribbean (China Fund), and a subordinated loan of $12 million, also from the C2F.

In both cases, IDB is bringing financing to the projects that would not otherwise be available from other financing sources. The participation of IDB with its own resources as well as resources from the CTF and C2F helps to enable lower-carbon and more climate-proof investment, creates flexibility in the structure of the transactions and helps to attract the participation of commercial banks for merchant solar PV projects in Chile.

The Canadian Climate Fund for the Private Sector in the Americas (C2F) and the China Fund are administered by the IDB.

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USIL is the first Peruvian University to receive LEED Certification (in Spanish)

Noviembre del 2014

La USIL es la primera universidad peruana que obtiene Certificación LEED 

Los nuevos pabellones de la Universidad San Ignacio de Loyola han sido reconocidos con la Certificación LEED en la categoría Silver.

Reconocidas y emblemáticas instituciones como Georgia Institute of Technology, Massachusetts Institute of Technology, Princeton University, University of Florida, entre otras, cuentan con esta certificación.

Bajo el cumplimiento de todos los estándares de calidad que garantizan el uso de la tecnología adecuada para cuidar el medioambiente, The United States Green Building Council’s (USGBC), organismo mundial que certifica el nivel, la calidad y la sostenibilidad de las edificaciones, destacó con la Certificación LEED en la categoría Silver a los nuevos pabellones de la Universidad San Ignacio de Loyola.

Vale mencionar que la construcción de los nuevos espacios de la USIL fueron financiados por el Banco Interamericano de Desarrollo (BID) y el Fondo Climático Canadiense (C2F).

Asimismo, se debe recalcar que el sistema de certificación Leadership in Energy and Environmental Design (LEED) es una acreditación internacional que reconoce a las edificaciones sustentables, que están diseñadas bajo cinco puntos estratégicos, entre los cuales se destacan: la eficiencia energética, calidad ambiental, selección de materiales, desarrollo sostenible, ahorro de agua y reducción de emisiones de CO2.

Por tal motivo, la Universidad San Ignacio de Loyola se convierte en la primera universidad peruana en obtener este importante reconocimiento internacional que ya poseen emblemáticas y reconocidas instituciones como Georgia Institute of Technology, Massachusetts Institute of Technology, Princeton University, University of Florida, entre otras.

UNIVERSIDAD SOSTENIBLE 

El Gerente General de la USIL, Juan Manuel Ostoja, señaló que la obtención de esta certificación LEED Silver es el resultado de una política corporativa de sustentabilidad que se inició desde hace más de ocho años. “A través de nuestra oficina de Prospectiva 2020, tomamos la iniciativa de apoyar y desarrollar proyectos de inversión en temas como energía renovable y cambio climático”, resaltó.

Asimismo, Ostoja comentó que a través de Prospectiva 2020, la USIL también ha sido la primera institución peruana en elevar ante la Organización de las Naciones Unidas (ONU) un proyecto de generación de bonos de carbono.

Además, indicó que la USIL también ha apostado por desarrollar nuevas carreras para formar profesionales que aporten con el cuidado del medioambiente, como las carreras de Gestión Ambiental Empresarial e Ingeniería Ambiental.

“Nuestro objetivo es seguir desarrollando proyectos que contribuyan con el cuidado del medioambiente. Además, tenemos el compromiso de que todas nuestras edificaciones obtendrán la certificación LEED. Por ejemplo, con la nueva sede que estamos construyendo en Lima Norte, aspiramos ser la primera institución educativa peruana en obtener esta acreditación en la categoría Gold”, indicó el CEO de la USIL.

USIL LE DA LA BIENVENIDA A LA COP20 

Durante este año, la USIL fue sede de la primera Pecera COP 20 y posteriormente realizó otra Pecera en el Centro de Extensión USIL en el Cusco. Precisamente, la Universidad recibe esta certificación, que reconoce su esfuerzo por contribuir con el medioambiente, a vísperas de que se realice en nuestro país la Vigésima Conferencia de las Partes de la Convención Marco de las Naciones Unidas sobre el Cambio Climático (COP20). Acerca de la Universidad San Ignacio de Loyola.La Universidad San Ignacio de Loyola tiene desde 1996 el objetivo de motivar a sus alumnos a ser líderes emprendedores, profesionales altamente competitivos con capacidad de afrontar los nuevos retos que el mundo actual les imponga; transformando así, las situaciones de crisis y de conflicto en grandes oportunidades de desarrollo. La formación profesional de la USIL está orientada a la empresa a nivel global. La USIL continúa creciendo y brindando una preparación idónea para formar el profesional del nuevo siglo, a través de una formación por competencias y de gestión, que hacen de nuestros egresados personas competitivas y de éxito dentro del exigente mercado laboral. 

Oscar Gargurevich Calmet │oscar@causayefecto.pe 

719-4895 │ (RPC) 992-778-060 │ 94-628*2505 

Berenice Sánchez B. │berenice@causayefecto.pe 

719-4895 Claro: 980523398

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Peru will receive $750 million from the IDB for the Lima Metro

Dec 4, 2014

Peru will receive $750 million from the IDB for the Lima Metro

The Inter-American Development Bank (IDB) announced the approval of a package of loans for $750 million for the expansion of the Lima metro. The project will include the construction of 35 kilometers of tunnels under the metropolitan area of the Peruvian capital.

In 2020, when all its phases are in operation, the underground transport system will allow passengers to cross the city from east to west in 45 minutes, as opposed to the more than two hours the trip currently takes by car. It will also significantly reduce the costs of transportation, the number of traffic accidents and emissions of greenhouse gases in the metropolitan area.

Approval of the IDB financing coincided with the gathering in Lima of COP 20, the 20th Conference of the Parties on Climate Change.

“Besides being the largest project undertaken by a public-private partnership in the history of Peru, the expansion of the Metro will raise Lima’s public transportation to the level required by a modern metropolis,” said Hans Schulz, interim IDB Vice President for the Private Sector and Non-Sovereign Guaranteed Operations.

The six-year project calls for the construction of 35 stations that will allow 660,000 passengers to use the new public transportation networks each day.

The total cost of the project is set at over $5.8 billion, which will be financed through a 35-year public-private partnership between the concessionaire, Metro de Lima Línea 2 S.A., and the Ministry of Transportation and Communications.

Participating in the Metro de Lima Línea 2 consortium are the Iridium/ACS Group of Spain; FCC Group of Spain; Salini Impregilo of Italy; Ansaldo STS of Italy; Ansaldo Breda of Italy; and COSAPI of Peru. The Consortium includes investors with a long track record of success in the design, construction and operation of world-class metro lines.

The partnership will operate under an innovative model based on income from the investments and certificates of progress to be issued by the Ministry of Transportation and Communication. Once the system begins operating, the concessionaire will be paid out of the tariffs for services rendered.

The financial package for the project will be made up of a $300 million loan to the Ministry of Transportation and Communications and non-sovereign guaranteed loans to Metro de Lima Línea 2 of up to $400 million and $50 million, respectively, from the Bank´s Ordinary Capital and the China Co-financing Fund for Latin America and the Caribbean, administered by the IDB.

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Making a Case for Shared Value in International Development

Wharton Magazine: Making a Case for Shared Value in International Development

It is no secret that change is widespread and clearly seen in the case of developing economies. Take, for instance, the BRICS emerging nations––Brazil, Russia, India, China and South Africa. Together, they now account for half of the global population and 20 percent of the world’s gross domestic product. Moreover, in the last 10 years the economic output of these emerging nations has quadrupled. 

Although economic growth often translates into better living standards and opportunities, it is usually coupled with key economic, social and environmental challenges, especially in rapidly growing emerging economies. Enterprises worldwide have had to grow, change, venture into new markets and address fierce competition faster than ever; the term “business as usual” no longer applies. It is crucial that businesses adapt to evolving market conditions and incorporate inclusive and sustainable goals in their value proposition to customers. One way in which companies can gain a competitive advantage is to align the financial returns with the social returns of their investments, a business concept also known as shared value.

Many companies and top executives can attest that addressing society’s needs and challenges, beyond just helping short-term profitability of the company, has proven to yield long-term success. (See the experience of Dow Chemical in the September 2013 article in the Harvard Business Review.)

One framework used to identify such opportunities and generate an actionable business strategy for companies is the Shared Value Appraisal conducted by the Inter-American Development Bank (IDB).

Take the case study of San Ignacio University in Lima, Peru (USIL), one of the first IDB clients to pioneer this methodology to generate societal change while maintaining financial returns. USIL is a leading private university that is investing in Peru’s emerging middle class. In 2013, it received a $25 million loan from the IDB to expand its campus. In addition to the financing package, a Shared Value Appraisal was carried out. The IDB team identified the opportunity to enhance USIL’s offering to economically disadvantaged students by allocating $2 million of the IDB loan to set up a student guarantee fund. The fund, a first for the Peruvian market, provides collateral for loans and scholarships enabling low-income students with high academic potential to continue and finish their studies. If a recipient of a guaranteed loan or scholarship drops out or does not graduate, the guarantee fund repays the loan or reimburses the source of the scholarship. At the same time, the fund generates financial value to USIL by attracting new students and provides a social benefit by increasing access to a high-quality and otherwise unaffordable education to those who are economically disadvantaged. Because USIL takes on the cost of borrowing the money for the guarantee fund, USIL’s interest in ensuring that its investment is financially sustainable strengthens its commitment to ensuring students graduate and become productive members of society.

This week, Kelle Bevine, chief of strategy at the Inter-American Development Bank’s Structured and Corporate Finance Department, will be at Wharton speaking about the case of San Ignacio University in Lima, Peru, and the work she leads in Shared Value Appraisal. She will be giving a guest lecture tomorrow, December 3, during the Social impact and Responsibility class by Philip Nichols, the Class of 1940 Bicentennial Term Chair Associate Professor of the University of Pennsylvania.

As a member of the Wharton community working on sustainable development through the private sector, I think it is important that businesses continue to deliver innovative strategies that are not only actionable and adaptable to all levels of development, but that are also ambitious. I also plan to attend Bevine’s lecture in person. I invite others to join me at Professor Nichols’ classroom in Huntsman Hall’s F45 from noon to 1:20 p.m.

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