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Loan to Banco Consorcio: Financing hydropower and solar projects in Chile
Project
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Signature date
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Location
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Chile
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Financing tool
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Financing amount (Euro)
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33636057.85
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Financing details
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Loan of USD 40 M
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Customer
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Banco Consorcio
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Type of customer
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Financial institution
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Country of headquarters
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Chile
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Project number
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PCL1003
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Environmental and social ranking
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IF-A
The financing allocated by PROPARCO to the Chilean bank Banco Consorcio will allow it to develop its activities in the renewable energies sector. The bank will finance hydropower or solar projects, which are key to the country’s energy future.
Client presentation
Banco Consorcio is a medium-sized Chilean bank set up in 2009.
It is owned by Consorcio Financiero Group, which is specialized in financial services and a leader on the insurance market in Chile, with USD 11.9bn of assets and USD 1bn of equity (December 2015). In 2015, Banco Consorcio and its subsidiaries accounted for 35.5% of the Group’s result.
Project description
This project will support the development of Banco Consorcio’s activities in the renewable energies sector by providing long-term resources.
It will contribute to sustainable economic growth in Chile by promoting financing for a key sector for the country’s energy future by a local financial institution with recognized expertise in this field.
Project impact
The project will contribute to financing hydropower or solar projects developed by private actors in Chile.
The bank already has significant experience in the renewable energies sector, as it earmarks 12% of its portfolio to it and is considered as one of the three main banks in the sector.
PROPARCO’s credit line should contribute to creating a generation capacity of 40 MW based on renewable energies.
This project mainly contributes to SDGs 7 (Affordable and clean energy), 8 (Decent work and economic growth), 9 (Industry, innovation and infrastructure) and 13 (Climate Action).