Etrion completes 70-MW solar farm in Chile

Nov 4, 2014 - Switzerland-based solar power producer Etrion Corp (STO:ETX) today announced the completion of its 70-MW Salvador solar park in northern Chile's Atacama region.

The plant was built on state-owned land through a long-term concession. Connected to the grid on November 3, five months ahead of schedule, Salvador nearly doubles Etrion's installed net capacity, CEO Marco Northland said. The plant will produce some 200 GWh of electricity a year, initially for the spot market. Etrion pointed out it has the option to secure power purchase agreements (PPAs) for Salvador in the future.

The project cost amounted to USD 200 million (EUR 159.7m), 70% of which was financed with a loan from the US Overseas Private Investment Corp (OPIC), while Etrion and its partners, French oil and gas group Total (EPA:FP) and Spanish Solventus Energias Renovables, funded the remainder.

Etrion and Total hold 70% and 20%, respectively, in the Salvador plant. Total's affiliate SunPower Corp (NASDAQ:SPWR) carried out engineering, procurement and construction (EPC) work on the project and will operate and maintain the facility.

In 2015, Etrion plans to continue work on a greenfield development pipeline of 99 MW in Chile.

(USD 1 = EUR 0.799)

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