German renewables developer Blue Elephant Energy has acquired a 120MWp Chilean solar PV portfolio, expanding its presence in the country to 281MW.
Consisting of 20 projects across the regions of Coquimbo, Valparaíso, Metropolitana de Santiago, O’Higgins and Maule, the portfolio was acquired from Chilean PV developer Fondo de Inversión Rockville Solar Energy last month.
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Blue Elephant said that a large portion of the portfolio is already operational, with the projects that are under construction due to be completed over the course of this year. The transaction was executed alongside the company’s local Chilean partner, oEnergy Capital SpA.
Similar to its existing Chilean portfolio, the new acquisition will benefit from a grandfathered stabilised price under the Pequeños Medios de Generación Distribuido (PMGD) regulation, which are projects of up to 9MW capacity and are more extended throughout the country. Distributed generation projects account for more than 1.3GW of the total solar PV capacity installed in Chile.
Tim Kallas, chief investment officer of Blue Elephant Energy GmbH, said: “With our third transaction in Chile, we underline the importance of the market as a key pillar in our strategy. Alongside our clear focus on Europe, Chile has become a significant market for us. With the contracting of now more than 1.5 GW in total, we have been able to reach an important milestone in our still young company history and make a further contribution to our overarching commitment to a greener future.”
Blue Elephant already has a 161MW Chilean PV portfolio, and they’re not the only company expanding into the market. Czech solar company Solek recently bagged US$379 million in funding for a portfolio of 39 distributed solar parks and in February Enel’s Chilean arm began commercial operations of the 375MW Campos Del Sol facility.
Last month a joint venture between Spanish oil company Repsol and renewables company Ibereólica Renovables Group powered up the first 76.8MW phase of a 596MW PV project in the Antofagasta region of Chile.
Yuri Sylvester, chief business development officer of oEnergy, said: “Blue Elephant’s steadfast focus on long-term results has been vital to successfully navigate the operational and regulatory challenges uncovered by the high-interest rate economy and dynamic energy transition agenda spearheaded by the Chilean government.
“I am proud that Blue Elephant and oEnergy’s shared, long-term strategy is fully aligned with Chile’s decarbonization goals while continuing to add value to the local economy, environment and our shareholders.”