It seems like not a day goes by that there isn’t another major announcement from SunEdison, theworld’s largest renewable energy development company, and today is no different. SunEdison has secured financing and started construction on the 110-megawatt (MW) DC Quilapilun solar power plant in the Metropolitan Region of Chile.
SunEdison is taking Santiago by storm as this is its first project in the city and is expected to be the largest in Latin America when it is completed.
The energy produced by the Quilapilum solar power plant will supply the Sistema Interconectado Central (SIC) and is part of the 570 gigawatt hour (GWh) contract awarded to SunEdison by the Chilean National Energy Commission in December, 2014.
The Quilapilun solar plant is expected to generate 242 GWh of electricity a year, enough to power 117,000 homes, and should eliminate the emission of more than 125,000 tons of carbon dioxide per year, the equivalent of removing 28,000 cars from Chilean roads.
SunEdison also secured $160 million in financing for the development, construction, and operation of the project from the CorpBanca, one of the largest commercial banks in Chile, and DNB, Norway’s largest financial services group.
SunEdison’s yieldco, TerraForm Power, plans to acquire the power plant once it is operational.
“This project is our first solar plant in the Metropolitan Region, and further advances our position as a renewable energy leader in Chile,” stated Carlos Barrera, SunEdison vice president for Latin America.
Solar energy has become cost competitive with other energy generation sources in the country. With solar, we are able to supply regulated market consumers with clean energy at lower prices than they pay now.
“Today’s announcement underscores the important role our call rights with SunEdison play on TerraForm Power’s growth strategy,” saidCarlos Domenech, Chief Executive Officer of TerraForm Power. “This solar project more than doubles our footprint in the fast-growing Chilean solar market and provides significant value to our shareholders.”
Tracey is an accountant and entrepreneur with a passion for nature. This passion is what spurred her interest in renewable energy, and the rest is history as they say. Tracey is a principal in Energy Think Group, the publisher of Solar Thermal Magazine and Tek-Think. She is also the principal at Women's Financial Help Desk. She spends her free time in the outdoors with her horses and dogs. She loves to travel.