Up to eight small hydropower schemes with a total capacity of 160MW in Chile are to benefit from an investment of $5M from the Multilateral Investment fund (MIF), part of the Inter-American Development Bank (IDB) Group.
The MIF is to provide equity investment of up to $5M in the Chilean Renovarum Renewable Energy Fund, a project 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., will then invest in around eight small-scale hydro projects in the country, which as of 2010 had a total gross installed power capacity of 15.8GW.
“By supporting specialized venture capital funds and investment vehicles, the MIF plans to create an effective means of combining the energy and financial expertise needed to develop these deals at an early stage and help Chile address its climate and energy challenges,” said Patricio Diaz Lucarelli, co-team leader of the project.
The project will contribute to help Chile create new jobs and reduce its reliance on foreign fossil fuel imports and reduce CO2e emissions, which can potentially be quantified as carbon credits under the Clean Development Mechanism (CDM) of the Kyoto Protocol. Ultimately, the fund’s impact will be higher contributions from investee companies to sustainable economic growth and greenhouse gas emission reductions.
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