In one of the largest steps towards implementation of a large-scale, long-term renewable energy investment strategy in Chile, Enel Green Power has announced that it has initiated construction of a huge solar power project.
Enel Green Power has reported that construction on a 254 MW solar power project has begun in Brazil. The company has also revealed that the estimated cost of the project will be $400 million. The project is the largest among the ~ 1.65 GW renewable energy projects under construction by Enel Green Power, and was awarded to the company through a competitive auction in November 2014.
The Ituverava solar plant, which is owned by three special purpose vehicles held by Enel Green Power Brasil Participações Ltda., is expected to be completed and enter into service by the end of 2017. The solar power plant will be able to generate more than 550 GWh per year, enough to meet the annual energy consumption needs of more than 268,000 Brazilian households, while avoiding the emission of over 185,000 tonnes of CO2 each year.
The project will supply power to the Chamber of Commercialisation of Electric Energy under a 20-year power purchase agreement.
The second auction for solar power projects, held in August 2015, saw Enel Green Power winning 553 MW of the 834 MW capacity on offer. The average tariff bid was US¢8.42 per kWh. The company was awarded 3 projects which it needs to commission by the end of 2017.
Enel Green Power plans to invest $9.9 billion over the next 5 years, focusing mostly on enhancing generation capacity. The company hopes to add 7.1 GW of new capacity before the end of this decade. The bulk of this capital investment and capacity expansion will take place in the emerging markets of Chile, Mexico, and Brazil.
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