Tropes

mininginnovationnews.com 2014 00001.txt

#German bank and EU offers funding to Chile mining power plant State owned German bank Kfw has said it is to advance a#100 million loan ($123 million), to help provide funding for Chile first solar-thermal power plant which will supply electricity to the mining industry. The German bank announced an advancement of its loan in a statement today, the funding represents around 10%of the total investment that is estimated to be required for the power plant project. In addition, Germany environment ministry is set to support the project with interest subsidies and consultancy for the build as part of its global development policies. The plant is set to be built by Abengoa SA (ABG) a Spanish company that offers global renewable energy solutions. his project will help prove the economic operation of concentrated solar power technology in the Earth sunbelt, German Environment minister Barbara Hendricks said. ecause it can store energy, this technology is suited also for basic electricity supply and therefore highly innovative. Furthermore, the European commission will provide a further#15 million euros, to be given to Kfw through its Latin american Investment programme. The project is hoped to ease strain on Chile energy sector and improve efficiencies in the country mining industry; at present it is estimated that mines operated in the country contributed to around a third of the nation total power consumption. Chile lacks extensive fossil-fuels to support such ongoing energy consumption by industry that is necessary for its economy and therefore has invested in renewable energy resources and innovative technologies to improve efficiency. The plant is expected to be operational by 2017 and begin supplying mining operations with power n

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