The US-based NGO International Rivers plans to take its campaign against Chile's US$3.2bn, 2.75GW HidroAysén hydro project to the world of international financing, International Rivers Patagonia campaign coordinator Aaron Sanger told BNamericas.
HidroAysén, owned by Spain's Endesa and Chilean generator Colbún, submitted the EIS for the project in August.
International Rivers already has been targeting shareholders in Endesa and Colbún, including Italy's Enel and Chile's Matte Group. The NGO also has been urging US buyers to reduce imports of forestry products produced in Chile by the Matte Group.
"We will engage the process of international finance as it relates to HidroAysén's attempts to solicit support from the international financial community for its plans," Sanger said, adding the NGO would seek to highlight risks it argues have not been addressed by HidroAysén.
"We have established relationships with international financial institutions and will establish relationships with other institutions based upon what we know about Endesa and Colbún's past financing activities," Sanger continued.
Besides the region's geography, which is prone to earthquakes and volcanic eruptions, Sanger argues both the risk of glacial overflows and transmission line failures were not included in the project EIS.
"Investors are going to become pickier," Sanger said. "We don't welcome the uncertainly we are facing in the financial markets but we do welcome more scrutiny of environmentally and socially risky projects. Lenders and providers of capital are becoming more and more sensitive to these kinds of risks."
HidroAysén officials argue the project is one of the most efficient ever to be designed in the world and vital to Chile's energy independence. The JV also says that the extensive 10,000-page EIS addresses every environmental impact.
Pending approval, the first of the five project dams would come online at the end of 2013. The project could save Chile US$495mn/y from reduced fuel imports used by thermo plants, HidroAysén general manager Hernán Salazar said earlier in the month.
The complete interview with Sanger will be published this week's Perspectives to be sent to subscribers on Friday. BNamericas interviewed Salazar in March and the interview can be found in the website archives.
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