Changes to the airport would cost over US$250mn, according to a report.
Santa Fe's government says the entity would help ease access to financing for the productive sectors.
The CEO of Aguas Antofagasta said that the plant would help prevent extended water cuts like the one that affected the city of Calama last week.
Proceeds will go to servicing debt and for operating expenses.
While the government of the emirate could fund a hospital project, private investors are eyeing port infrastructure.
The company intends to use the proceeds to pay debt and finance its investment plans.