Chile Advances Renewable Energy with Focus on Solar and Energy
Atlas Renewable Energy, based in Miami, recently inaugurated the BESS del Desierto Project in partnership with Chilean energy giant COPEC-EMOAC. Located in
Chile has an operational installed capacity of approximately 1GW in batteries, and another 3GW is under construction. Battery storage has been largely financed by bank lending in recent years, but we believe larger projects could increase the scope for bond financing.
Andes Solar IV, one of the largest solar farms in Chile. The rapid growth of renewable energy is among the factors making batteries a necessity. An early grid battery was installed in the Atacama Desert in Chile 15 years ago. Now, as prices have tumbled, they are increasingly being used around the world.
Over the last decade, batteries have helped Chile use less coal. Last December, the country got more than 40 percent of its electricity from solar panels and wind turbines, up from 19 percent five years earlier, according to Ember Energy Research, a nonprofit.
In the early 2000s, Chile had an energy crisis because Argentina, its main supplier of natural gas, couldn't provide enough of it. That left Chile, which has no domestic fuel sources, with too little energy for its people and its copper, iodine and lithium mines. Chile was forced to rely on power plants that burned expensive imported coal.
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