Monday, October 29, 2007

IFC to Help SN Power (Norway) and Pacific Hydro (Australia) with funding for La Confluencia Hydroelectric Project in the Tinguiririca River Valley

IFC to Help La Confluencia Meet Energy Needs in Chile

IFC, a member of the World Bank Group has signed an agreement to support the construction of Chile’s La Confluencia hydropower project to help meet the country’s increasing energy needs.* This project will provide clean, renewable power and help lower energy prices.

*(To offset the carbon introduced to the atmsophere by non-compliant European corporations: Chile Environment Exploited to Offset European Pollution And to power the mining industry: which consumes 35% of Chile's electricity.)

La Confluencia is a 158 megawatt run-of-river hydroelectric power plant to be built in the Tinguiririca valley, about 150 km south of Santiago. It is upstream of the IFC-financed La Higuera hydropower plant project, which is under construction by the same sponsors. As the project’s water inflows are determined primarily by melting snow, La Confluencia is expected to dispatch at full load during the dry season when water levels in the system are below average.

The project is being developed by a 50/50 consortium comprising Australia’s Pacific Hydro Pty Ltd (Pacific Hydro) and Statkraft Norfund Power Invest AS (SNPI) of Norway.** IFC’s $208 million financing package will consist of an $83 million loan for IFC’s own account and a $125 million loan for the account of participating banks, including DnB NOR Bank, HSH Nordbank, Nordea Bank, Banco Santander, and SEB.

** (The same two companies which were fined for submitting a false environmental impact statement for their La Higuera hydropower project on the same river: False Environmental Impact Statements induce Regional Environment Commission to Implement Fines. )

Rashad Kaldany, IFC Director for Infrastructure, said, “Using indigenous renewable resources, La Confluencia will help Chile meet a growing demand for power and improve the country’s energy security. The project will also help reduce carbon emissions that are associated with power generation. We are happy*** to continue building our partnership with Pacific Hydro and Statkraft Norfund Power Invest.”

***(Statkraft Norfund Power (SN Power, Norway) which presently intends on "using indigenous" Mapuche land for hydropower: Mapuche Protest against Norwegian Hydroelectric Power , Norwegian Power Projects in Mapuche, Chile Heartland Plunder Environment . It seems the World Bank is back in the native indian exploitation game, this time with a new partner: Endesa Strategy & Tactics I – Revisiting the Ralco & Pangue Hydroelectric Projects on the Rio Bio Bio )

Here is the full article.