Written By: Jim Greenberg
This week Chilean President, Sebastián Piñera signed into law a new target doubling the nation’s renewable energy in attempt to curb Chile’s dependence on imported fossil fuels.
Already exceeding its current 5% goal, this week, Chile doubled its renewable energy target, now aiming to produce 20% of the country’s power by renewable sources by 2025 in place of the 10% target previously set for 2024.
Accumulating to 6,500 megawatts (MW) of capacity, the country’s projects include small hydroelectric dams and solar farms.
According to Bloomberg New Energy Finance, Chile previously required its utilities to own at least 200 MW of capacity in order to reach their 5% renewable energy target. However, last year the country surpassed this, producing approximately 8% from renewables, which was mandated to further escalate to 10% by 2024.
Helping to achieve the new 20% target, this week, Chile also published its Electrical Concessions Law –reducing the period by 550 days that developers have to wait in order to receive permits for connecting their projects to the grid.
According to Maria Paz de la Cruz, director of Chile’s Renewable Energy Centre, the increased target is “really good news for private developers”, with the new law helping Chile to “become more independent from imported fossil fuels” and to “secure a clean energy matrix for the future.”
The new target follows Chile’s call upon India last month, asking the country to offer its renewable energy expertise to help Chile implement and diversify its renewable energy sector.