The loan, granted by HSBC and Banco Santander and guaranteed by MIGA, will allow progress in the total decarbonization of the state company’s energy matrix and is added to the US$ 532 million obtained in 2024.
Codelco, within the framework of its sustainable financing strategy, takes a new step by obtaining a climate credit for US$ 600 million, aimed at advancing the total decarbonization of its energy matrix. The operation was granted by HSBC and Banco Santander, and also has the guarantee of the Multilateral Investment Guarantee Agency (MIGA), of the World Bank Group.
This financing is added to the first loan of similar characteristics obtained in 2024 for US$ 532 million, granted by Crédit Agricole CIB and also supported by MIGA. Together, both operations consolidate an innovative and diversified financial structure, aligned with international environmental standards and with the objective of strengthening more sustainable and resilient mining.
The resources will allow for deepening the state company’s energy transition plan, which aims to have a 100% renewable electricity matrix by 2030. This process has been developed gradually since 2018, including the signing and renegotiation of supply contracts with companies such as Engie, Colbún and AES Andes, in addition to the awarding of public tenders for 1.8 TWh/year of renewable energy.
Thanks to these milestones, Codelco plans to reach 85% renewable electrical energy in 2026 and complete the decarbonization of its contracts before 2030, after the recent update of the latest agreement with Engie in Chuquicamata.
Given that the company accounts for close to 9% of the country’s electricity consumption, this advance has a relevant impact on the reduction of greenhouse gas emissions and on compliance with Chile’s climate commitments.
The executive president of Codelco, Rubén Alvarado, noted that this operation “reflects Codelco’s commitment to innovation, environmental responsibility and the creation of long-term value for the country, as part of our purpose of being the pillar of sustainable development in Chile and the world.”
Meanwhile, the Vice President of Finance, Alejandro Sanhueza, highlighted that the credit strengthens the company’s financial strategy by diversifying financing sources, reducing risks and directly supporting the sustainability agenda.
Source: Mining & Energy Report
