BAKU, Azerbaijan, March 29. The European Commission, European Investment Bank (EIB), KfW Development Bank, and Chilean institutions have signed agreements to support the growth of Chile’s renewable hydrogen industry, Trend reports.
The signing ceremony took place in Santiago de Chile and was attended by European Commissioner for International Partnerships Jozef Sikela, Chile’s Minister of Energy Diego Pardow, Executive Vice-President of CORFO José Miguel Benavente, and representatives from EIB and KfW.
The funding platform aims to decarbonize Chile’s economy, create green jobs, and generate business opportunities for both Chilean and European companies. It will also help Europe meet its renewable hydrogen import needs. This initiative is part of the EU-Latin America and the Caribbean Global Gateway Investment Agenda, which focuses on priority investments to address infrastructure needs while promoting growth and social cohesion in the region.
Under the platform, the EIB and KfW will provide financing of up to 200 million euros, with CORFO managing the funds for renewable hydrogen projects. An additional 16.5 million euro grant will be provided by the EU Latin America and Caribbean Investment Facility (LACIF). The platform supports Chile’s goal to achieve 100% clean energy by 2050 and is expected to contribute to the development of at least 150 MW of new renewable energy capacity and 150 MW of electrolyzer capacity.
Commissioner Sikela noted the partnership’s importance for both Chile and the EU in advancing the renewable hydrogen sector. EIB Vice-President Ioannis Tsakiris emphasised the platform's role in supporting Chile’s climate action goals while strengthening EU-Latin America cooperation.
Chile’s Minister of Energy Diego Pardow highlighted the job creation potential and regional benefits of the green hydrogen industry. CORFO’s José Miguel Benavente added that the new initiative would help provide financial instruments to support large-scale hydrogen projects.
Thomas Schmitt, Chargé d’Affaires of the German Embassy to Chile, pointed out Chile’s renewable energy potential and the importance of leveraging private investment for the development of green hydrogen.
The Team Europe Renewable Hydrogen Funding Platform is part of the EU’s broader Global Gateway Investment Agenda, which aims to mobilise up to 300 billion euros for sustainable projects worldwide between 2021 and 2027.