The Central Bank projects a 3.2% rise for the end of 2021. There are no significant changes in sight for 2022 and 2023. Chile's Gross Domestic Product (GDP) is expected to increase by 6% this year. Analysts once again upped their projections for 2021 from last month's 5.3%. It was the fifth such increase, according to the Economic Expectations Survey released by Chile's Central Bank.
Chile's cumulative PV installations reached 4.6 GW at the end of March, according to the latest figures from ACERA, the Chilean renewable energy association. Solar plants covered around 12.9% of Chile's total electricity demand in March. All renewable sources combined accounted for 23.6% of total national demand. Overall, total renewable energy capacity in Chile stands at roughly 8.2 GW, accounting for 16.5% of the country's total generating capacity.
81% of liquidations for food debts are already up to date, a process that had already mobilised $398.5 million, according to the Superintendency of Pensions (SP). As of last week the system as a whole had received a total of 302,169 settlements for maintenance debts from the family courts, of which 244,640 have already been paid.
100 mining projects achieved environmental approval by the first quarter of 2021, according to the Mining Ministry's Project Management Department. The projects have a total investment of $25,681 million and will generate more than 83,000 jobs: 57,282 in the construction phase and 23,619 in the operation phase. The region with the highest number of initiatives at this stage of processing is Atacama, which has 38 approved projects and an investment of $4,386 million.
CAP announced that two of the Group's companies, Compañía Minera del Pacífico S.A. (CMP) and Compañía Siderúrgica Huachipato S.A. (CSH), have both been compensated with the sum of $30 million by their insurers. This is due to the damages suffered as a result of the accident on 21 November 2018 at the Guacolda 2 Port, owned by CMP. The company informed that the amounts indicated will be recognised in the financial statements of CMP and CSH as of 31 March 2021.
President Piñera has signed a new migration law which spent eight years in congress before being passed. This new law replaces one of the oldest immigration laws in Latin America, passed in 1975 during the dictatorship of Augusto Pinochet, when the military regime sought to restrict the entry of migrants. According to Piñera, the objective of this new law "is to put order in our house through an orderly, safe and regular policy that allows legal immigration and combats illegal immigration."
Chile’s copper output is projected to grow by 3.7% to 5,957.1kt, according to data and analytics company GlobalData. This figure is expected to reach 6,702.8kt in 2024, posting a compound annual growth rate (CAGR) of 4%. Over 20 projects are expected to commence operations during this period, of which, seven are under construction and expected to add 641.3kt of copper production capacity.
Chilean startup Lader Energy has commissioned the first solar project that is able to produce 10 thousand liters of water per month from the humidity in the air. The system is based on hydropanels, which combine solar PV energy with solar thermal energy. The hydropanels capture the humidity from the air and, after a condensation process, produce water. In the construction of the first plant, the company invested $250,000.
Statkraft will build three onshore wind power plants with a combined capacity of 102 MW in Chile. The Torsa wind power project is expected to produce more than 300 gigawatt hours (GWh) of renewable energy annually once fully operational by December 2022, enough power to supply 100,000 average Chilean households. Construction of the 19 wind turbines by manufacturer Nordex will start in the second half of 2021, according to Statkraft.
ISA InterChile, a company linked to the Colombian ISA, filed a request for arbitration against the State of Chile before the International Centre for Settlement of Investment Disputes (ICSID), regarding the construction of the Cardones-Polpaico transmission line. The firm hopes that the ICSID will resolve its dispute between the two parties.