Snapshot: Chile power projects due to start construction in 2024
Fifty-two energy projects with combined capex of US$17.2bn are scheduled to enter the construction phase in Chile this year, according to the BNamericas project forecasting tool.
Associated installed generation capacity is 13.9GW.
The number of projects due to break ground is forecast to climb each quarter, peaking at 18 – for a total of US$9.3bn and 6.4GW – in Q4.
Chile is shifting away from fossil fuel-fired generation, with a heavy emphasis on wind and solar parks and energy storage systems that can help mitigate the intermittency of the renewable sources and absorb a daytime supply glut in the country’s sundrenched north.
The two biggest projects that could enter the construction phase this year reflect the trend: a pair of solar PV-concentrated solar hybrids planned by Andes Green Energy.
Each bearing a price tag of US$2.79bn and involving around 300MW concentrated solar and 710MW solar PV, the plants, branded Seongnam and Ghungnam KCS, are planned for Antofagasta and Tarapacá regions, respectively.
As things stand, in 2025 pickaxes are penciled in to start swinging at 61 projects for combined outlay of US$25bn and installed capacity of 14.4GW.
The forecast data encompasses generation, energy storage and transmission projects.
CAPACITY
Chile’s operational installed capacity stood at 33.3GW in November, up 8.7% year-on-year, according to a January report from generation chamber Generadoras de Chile.
Thermoelectric plants accounted for 12.0GW, comprising coal (4.60GW), natural gas (3.87GW) and liquid fuels (3.49GW).
The 21.3GW renewables park consisted of solar PV (8.46GW), wind (4.58GW), hydropower (7.50GW) biomass (596MW), concentrated solar (114MW) and geothermal (95MW).
The country is in the process of retiring its 5.5GW fleet of coal-fired plants, which could require at least 15GW in new renewables and storage capacity, a target that does not incorporate demand associated with economic expansion.
GENERATION
In terms of gross power generation, output in January was 7.35TWh, up 4.1% year-on-year.
The renewables segment accounted for 5.52TWh, up 26.8%, with thermoelectric plants producing 1.83TWh, down 32.4%.
CURTAILMENT
Curtailment, or output reduction, climbed 80.1% in 2023 to 2.65TWh, an upward trend typically seen in countries with growing variable output from renewables.
Curtailment can be managed via measures such as better transmission system usage and planning, combined with an energy storage buildout and the development of demand-management schemes, the Generadoras de Chile report states.
PERMITTING
In December, 13.6GW of power generation projects were under environmental review, for a total of 138 by volume and US$16.2bn estimated investment, the report says.
Solar PV accounted for 7.9GW, wind 3.55GW, solar PV-wind 2.0GW and biomass 6MW.
In the thermoelectric segment, review agency SEA officials were also considering 40MW of liquid fuels projects and a 42MW natural gas project.
According to a report from renewables and storage chamber Acera, in December 1.23GW of standalone storage capacity, along with 7.43GW of renewables-storage hybrid capacity, was under environmental review.
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