Chile's ruling center-right coalition has failed to secure control of the body that will rewrite the country's constitution, according to early results of a vote that has been called the most important in Chile since the fall of its military dictatorship in 1990. On Saturday and Sunday, Chileans cast ballots to elect 155 delegates who will be tasked with drafting the new constitution. With more than 90% of ballots counted, projections show that President Piñera's coalition, Chile Vamos, has secured just 21% of the votes, according to the electoral authority Servel. Independent candidates are expected to take more than 40% of the seats. Candidates aligned with left-wing parties received a third of the total vote.
Sonnedix Power Holdings Ltd has issued the notice to proceed (NTP) for the construction of its 10.5-MW solar PV plant in Chile. CAF Turnkey & Engineering is in charge of the engineering, procurement and construction (EPC) works. Sonnedix Taranto, as the solar park is named, is expected to be completed by the beginning of 2022, according to the company.
Celulosa Arauco y Constitución (Arauco) sold approximately 80,500 hectares of timberlands in the central and southern regions of Chile for $385.5 million from an investor group. The investor group is led by BTG Pactual’s Timberland Investment Group (TIG). Other investors in the consortium include British Columbia Investment Management Corporation (BCI) and APG Asset Management. The transaction is subject to customary closing conditions, including antitrust approvals, and is expected to close in the third quarter of 2021.
Aker Horizons has completed a transaction (valuing Mainstream's current equity at €900 million) to acquire a portfolio of solar and wind projects in operation and under construction of around 1.4 GW and a pipeline of projects under development of around 12.5 GW. This portfolio has increased by more than 1 GW since the acquisition was announced on 19 January 2021.
With so many renewable energy projects that are scheduled to begin operation this year, clean energy in Chile will increase by 27%. In total, the new projects that will start operating in the coming months will inject 6,988 MW into the national energy matrix. This is equivalent to the total solar and wind energy in force in the country so far, whose installed capacity amounts to 6,818 MW, with almost 99.6% connected to the Central Interconnected System, according to the National Energy Commission.
The Central Bank of Chile said that during the first half of the year, the risks to the country's financial stability have declined due to an improved external outlook, the progression of vaccination against COVID-19 and the adaptive capacity of various actors. The Financial Stability Report (IEF) states that unlike past crises in Chile, financing costs have remained low, debt has been contained and credit has continued to flow, although at a slower pace.
Sonnedix Power Holdings said that two PV parks in Chile, with a combined capacity of 6 MW, have reached their commercial operation date (COD). The Malinke and Crucero ground-mounted plants, each of 3 MW and using bi-facial solar panels, are located in the Metropolitan Region and the O’Higgins Region. The two plants' output, estimated at about 12.8 GWh per year, is equivalent to the power demand of more than 6,000 Chilean homes. They are expected to avoid annual emissions of some 5,296 tonnes of carbon dioxide (CO2).
The Superintendency of Pensions delivered a new balance on the third withdrawal of 10% of the pension funds. There were more than 4.3 million requests to access a new retirement savings pension. The first 1,534 payments were registered for a total of $3,165 million, which is equivalent to an average payment of $2,063,000 per person.
Chile’s National Energy Commission (CNE) has postponed the 2021 power auction due to the extended lockdown imposed across the Santiago Metropolitan Region to curb the COVID-19 pandemic. The CNE also postponed the submission date for offers to June 25, and rescheduled the remaining steps in the auction timetable. By stretching the submission period, the CNE wanted to ensure adequate participation in the bidding process while complying with health measures.
Viña Concha y Toro has revealed that markets including the UK, Chile and USA drove sales growth in the first quarter of this year. In the first quarter of 2021, revenue increased by 8.2% driven by an overall volume growth of 10.8% which was translated into higher average prices. Net profit for the company was up 87.3%. Concha y Toro revealed that the UK was one of its strongest performing export markets during 2020 with sales volume up 23%.