Solar PV Development & Green Climate Fund (GCF)
Prizma was engaged to support Sonnedix Group’s Atacama Solar PV Project (the Project), provide independent environmental and social review, and develop a series of bankable environmental and social documents and plans to access funding from CAF and the Green Climate Fund. The Project consists of the construction of a phased and utility-scale solar photovoltaic (PV) power plant to generate electricity and supply it to Chile’s national grid system.
The Project is located in the northern part of the Atacama Desert in Chile (Region I) and involves a total installed capacity of up to 250 MW. The Project is being developed by the Sonnedix Group, a solar independent power producer that develops, builds, owns and operates solar power plants globally. Sonnedix owns 34 solar power projects at various stages of maturity in key markets with control of 628 MW of production capacity, and is dedicated to continuously expanding its global operations.
Prizma’s tasks included conducting an independent IFC Performance Standards review, gap filling and drafting an impact assessment summary (NTS), developing a stakeholder engagement plan (SEP), assisting with funding application to the Green Climate Fund (GCF), and other related activities. These activities and outputs were designed to satisfy the environmental and social requirements of Development Financial Institutions, ‘Equator Principles Banks’ and other investors.
In June 2016, The Green Climate Fund (GCF) announced approvals for first funding proposals in 2016 totaling US$256.6 million. This includes the largest, single amount of US$49 million for Climate Action and Solar Energy Development Program in the Tarapacá Region in Chile. At the heart of this program is the Atacama Solar PV Project. CAF, the Latin American Development Bank selected by Sonnedix to co-finance the Project, served as the GCF Accredited Entity.
Learn also about Prizma engagement in Central America’s largest wind development in Panama by clicking here.