Great news out of Chile, this week as Enel Green Power begins construction of the new Finis Terrae solar photovoltaic power plant. With a total installed capacity of 160 MW, Finis Terrae, once completed, will be the largest solar photovoltaic park in Chile.
The facility is located in the Antofagasta region and is owned by five special purpose companies controlled by Enel Green Power Chile Ltda. Once fully operational, it will be able to generate more than 400 GWh per year, equivalent to the annual electricity consumption needs of nearly 198,000 Chilean households, and will avoid the annual emission of more than 198,000 tonnes of CO2 into the atmosphere.
Financing the project
EGP will be investing a total of approximately 270 million US dollars in the construction of the plant in line with the growth targets set out in EGP’s current business plan. The Group is financing the project with its own resources.
The project is supported by a long-term power purchase agreement (PPA) with Empresa Nacional de Electricidad SA (Endesa Chile). The energy generated by Finis Terrae, which is expected to enter into service by the first half of 2016, will be delivered to the transmission network of Chile’s northern region, SING (Sistema Interconectado del Norte Grande).
About EGP in Chile
In Chile, Enel Green Power currently operates a portfolio of plants that have a combined installed capacity of around 600 MW, of which 340 MW is from wind power, 154 MW from photovoltaic and 92 MW from hydropower. In addition, EGP currently has projects in execution for close to 600 MW which will bring the company’s total installed capacity in Chile to about 1,200 MW. The Group is also active in the geothermal sector, where it is exploring a number of concessions that have a potential installed capacity of over 100 MW.
ST Staff Writers
This post was prepared by Solar Thermal Magazine staff.