Greek renewables developer Mytilineos is developing more than 750MW of solar PV in Chile, nearly 600MW of which is considered at a mature stage, PV Tech can reveal.
The developer has made a concerted play for Chile’s solar market, amassing a mature pipeline of 588MW of solar projects in the Latin American country, with a further 165MW pipeline considered as early stage, a source familiar with the situation told PV Tech.
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The mature projects are located in the Arica-Parinacota (109MW), Antofagasta (228MW), Atacama (165MW) and Coquimbo (86MW) regions of Chile. Once the portfolio is built, Mytilineos’ Renewables and Storage Development (RSD) business unit will oversee its operation and maintenance.
Further details are expected to be revealed later this week, however PV Tech understands construction has already started on the 109MW Arica-Parinacota project and that construction will start for the remaining three projects before the end of 2022.
Commercial operations are expected to begin for the pipeline between 2023 and 2024.
Meanwhile, the company has already taken steps to lock in revenue from the projects and Mytilineos has signed a 1.1TWh, 10-year power purchase agreement (PPA) with an undisclosed utility.
The developer has too moved to lock in its PV module supply, using a hedging strategy after it accelerated deployment timelines following projects being delayed last year.