We are excited to announce that we have secured a strategic 165-hectare greenfield site for our upcoming solar project in the central zone of Chile. This region is the heart of the country’s energy demand, with well-developed transmission infrastructure, making it an ideal location for our renewable energy endeavours.
The renewable energy market in Chile
Chile, with its abundance of natural resources such as solar radiation, wind, geothermal, and hydroelectricity, has a target to produce 100% of its energy from renewable sources by 2040.
In addition to being a significant player in the renewables market, Chile is positioning itself as a global leader in green hydrogen production. The country’s abundance of renewable energy resources and low production costs make it a prime location for the green hydrogen industry, which is expected to play a crucial role in decarbonizing the economy and achieving net-zero emissions.
Chile is also a significant producer of lithium, a critical component in the manufacturing of batteries for electric vehicles and renewable energy storage systems. With the world’s growing demand for electric vehicles and renewable energy storage, Chile’s strategic position in the lithium market provides a significant opportunity for the country to capitalise on its natural resources and further bolster its clean energy economy.
Chile has committed to ambitious emissions reduction targets, including an absolute target of 95 MtCO2eq unconditional reduction by 2030 (excluding the forestry sector) and a commitment to peak emissions in 2025, with the goal of achieving net-zero emissions by 2050.
Hive’s first solar project in Chile
Our solar project aims to have a capacity of up to 100 MW, with an expected operational lifespan of 35 years. Based on an estimation of displacing 0.6 metric tons of CO2 per MWh produced, we expect our solar plant to cut emissions by approximately 120,000 to 138,000 metric tons per year, totalling 4,200,000 to 4,830,000 metric tons over its lifetime.
In addition to its significant emissions reductions, our solar plant will also contribute to meeting the growing energy demand in the central zone of Chile, providing clean and reliable energy to thousands of homes and businesses. Our team is dedicated to creating a state-of-the-art solar facility that meets the highest standards of quality, sustainability, and innovation.
Preliminary studies have been conducted to assess the site’s solar potential and suitability. We will first prepare the environmental submission before moving forward with finalising the necessary sectorial permits and approvals. We aim to begin construction on the solar plant around Q4 2025 and have it operational during 2026.
In the coming months, we look forward to sharing more details about the project, including the official environmental submission date and a full breakdown of the features and amenities. As we embark on the next phase of our solar pipeline in Chile, we are excited to continue growing together and stepping more milestones.
Stay tuned for more updates on our exciting journey in Chile’s renewable energy industry, focusing on different areas where our efforts will have the most significant impact!
