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May 15, 2020updated 16 Jul 2020 8:59am

Innergex acquires 182.2GWh solar farm in Chile

Independent renewable power producer Innergex has announced the acquisition of the Salvador solar photovoltaic (PV) farm in Chile as well as 11-year power purchase agreements (PPAs) covering a total electricity generation of 54.6GWh annually.

Independent renewable power producer Innergex has announced the acquisition of the Salvador solar photovoltaic (PV) farm in Chile as well as 11-year power purchase agreements (PPAs) covering a total electricity generation of 54.6GWh annually.

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Delve into the renewable energy prospects for Morocco

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Salvador and the PPAs were acquired from Etrion Chile, Total Solar Latin America, and Solventus Salvador at a net purchase price of $46.6m and $19.5m respectively.

Innergex president and CEO Michel Letellier said: “We are proud to announce the completion of our first acquisition with the proceeds from Hydro-Québec’s private placement.

“The acquisition of Salvador is a strategic one that not only generates a quick return on investment but also diversifies our energy portfolio in South America.

“Chile is a prime market for us as it offers top quality renewable energy resources combined with growing energy demand. This acquisition is another step forward in Innergex’s international growth and diversification strategy.”

Salvador is expected to produce 182.2GWh annually, sufficient to power over 70,000 households in Chile with clean energy. The asset is also expected to produce annual cash-on-cash returns of around 11% over the next ten years and reach an adjusted EBITDA of $8m in 2021.

Commissioned in 2014, Salvador delivers its total energy production to the Sistema Interconectado Central (SIC) power grid, where it gets a merchant market price.

The deal also includes the transfer of 11-year demand-based PPAs with Empresa Eléctrica ERNC 1, a power trading company, to Innergex. These PPAs could stand to benefit Energía Llaima, a joint venture in which Innergex has a 50% stake.

The total net acquisition price of $66.1m will be funded completely from Innergex revolving credit facilities. The project and the PPAs acquired are claimed to be free of project debt.

Earlier this month, Innergex secured financing for the 200MW Hillcrest solar photovoltaic (PV) project.

Located in Brown County, Ohio, Hillcrest solar PV project is expected to produce a gross estimated long-term average of 413.3GWh in the first five years of operation.

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Free Report
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Delve into the renewable energy prospects for Morocco

In its new low greenhouse gas (GHG) emission strategy to 2050, submitted to the United Nations (UN), the Ministry of Energy Transition and Sustainable Development (MEM) of Morocco suggested to raise the share of renewable capacity in the country’s total power installed capacity mix to 80%.   Morocco currently aims to increase the share of renewables in total power capacity to 52% by 2030. The new strategy plans to increase the share of renewable capacity to 70% by 2040 and 80% by 2050.  GlobalData’s expert analysis delves into the current state and potential growth of the renewable energy market in Morocco. We cover: 
  • The 2020 target compared to what was achieved 
  • The 2030 target and current progress 
  • Energy strategy to 2050 
  • Green hydrogen 
  • Predictions for the way forward  
Download the full report to align your strategies for success and get ahead of the competition.   
by GlobalData
Enter your details here to receive your free Report.

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