Terrazas, Chile — Harnessing Chile’s world-class solar potential
The Terrazas is a landmark solar and storage project in the north-central zone of Chile. The project highlights the potential of Chile’s dynamic and investor-friendly renewable energy market.
The story of the Terrazas project began in 2020 when Trinergy, a renowned Chilean development company, initiated the development of this solar PV project. After navigating a complex permitting process, the project received a favorable Environmental Impact Declaration by the end of 2023.
In 2024, Trinergy approached Korkia, proposing a majority stake in the Terrazas Project, and Korkia decided to invest through Korkia Solar Ray, one of its two development companies established in Chile.
Exceptional solar resources combined with battery storage
Building on this investment, Korkia Solar Ray partnered with Trinergy to develop 280 MW of solar power capacity, paired with a 1.24 GWh battery energy storage system (BESS). Set to begin operations by late 2027, the facility will supply renewable electricity to approximately 150,000 households annually. The BESS will reduce the solar curtailment by shifting daytime generation to night, while stabilizing electricity spot prices.
Located in Socos, Coquimbo Region, 370 km north of Santiago, the site is near major energy demand centres and northern Chile’s mining operations. The area boasts exceptional solar resources, with some of the highest solar radiation levels in Chile and among the best conditions globally.
The project is advancing alongside the development of a new transmission substation, ensuring a seamless connection to the national grid. As a late-phase development project with a signed land lease agreement and basic permits secured, it offers investors a fast-tracked exit, a low risk profile, and early returns compared to a greenfield project. The project operates under Korkia’s co-development model and is led by a local team of professionals with a deep understanding of renewable energy development and extensive networks in Chile’s renewables and energy sectors.
Supporting Chile’s clean energy targets
The Terrazas Project will reduce carbon emissions and reliance on fossil fuels, supporting Chile’s National Energy Policy 2050, which aims for 70% renewable energy by 2050 and a coal-free grid by 2030.
Chile leads Latin America in renewable energy with the rapid growth of renewables: wind and solar now accounting for 35% of total installed capacity. With a fully privatized renewables market, Chile offers one of the world’s most attractive, investment-friendly, and dynamic environments for clean energy. In 2024, Chile generated approximately 70% of its electricity from renewables. Solar power accounted for approximately 20–22% of Chile’s electricity generation, placing the country among the world’s leading solar-powered electricity producers.
More information:
Martín De La Fuente
martin.delafuente@korkia.fi
The information presented reflects the situation at the time of presentation and is subject to change. Market and other conditions may change, which may affect the content of the information provided.
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