With this initiative, the bank will be one of the first large companies in Chile to produce its own renewable energy through six plants, located in four regions.

Santiago, 14 September 2022.
In order to move toward a more sustainable running of Santander Chile’s operations, the construction of six solar plants was announced at the end of 2021, which would allow some 3,600 MWh per year to be injected into the national electricity network, equivalent to the consumption of 72 bank branches.

The solar power plants are at an advanced stage in their development, which means that, between the last quarter of 2022 and the first quarter of 2023, the plants located in the Coquimbo, Valparaíso, Metropolitana and Maule regions can become operational. The first plant to be operational, by November of this year, is expected to be the Santa María plant, in Valparaíso.

This progress has been achieved as a result of an agreement with Gasco Luz, Four Trees Capital and, more recently, Levering Energy Solutions SpA, through ten-year lease contracts of these plants, which would involve an annual payment of around $360,000 by Banco Santander.

Thanks to this, Santander Chile will become the first bank in the country to have this type of energy compensation, as all of the electricity injected into the grid will be recognized as energy consumption from Non-Conventional Renewable Energy sources (NCRE) by the bank. This action will reduce the institution’s carbon footprint by 1,500 tonnes CO₂ per year.

“We are excited to see how the construction of the solar plants that will offset the bank’s energy consumption is progressing steadily. This will be a major milestone for the industry, as it will be able to set the tone regarding what comes next in terms of the contribution to and concern for the environment by large Chilean companies”, says Rafael Barbudo, head of Services at Banco Santander.

With the construction of these solar plants, the bank is in line with one of the Group’s global commitments to contribute to the UN-led Sustainable Development Goals. Santander resolved that 100% of the energy it consumes should come from renewable sources in 2025.