Santiago, Chile Renovarum – a Chilean project created to invest in small hydropower plants – has applied for US$4.3 million in financing from the Inter-American Development Bank’s Multilateral Investment Fund, wire services reported.
The financing request is comprised of US$4 million equity from the MIF small enterprise investment fund and US$300,000 non-reimbursable financing from the small enterprise development facility, Business News Americas reported.
Total cost of the project is an estimated US$60 million.
Chile’s securities regulator SVS approved the creation of the Renovarum fund last October.
In other news, Chile’s La Confluencia hydro project has been registered under the Clean Development Mechanism of the Kyoto Protocol, SN Power reported.
The 155-MW La Confluencia hydropower project is operated in Chile by Tinguiririca Energia, a 50/50 joint venture company between SN Power and the Australian power company Pacific Hydro. La Confluencia will reduce CO2 emissions by approximately 423,000 tons per year, which is equal to the CO2 produced by 118,000 automobiles in a year, SN Power said.