A Canadian consortium composed of renewable energy developers Solexica Energy Corporation, JCM Capital and Radical Energy have signed a 20-year power purchase agreement with electric utility firm Conelec for a 50MW PV plant in Ecuador.
The plants are being developed as a result of strong government support for renewable energy. Conelec launched a feed-in tariff in early 2011. Under this tariff, power generated by the plants will be purchased at US$0.40 per kWh and distributed via the national grid.
“These projects combined will represent one of the largest construction-ready feed-in-tariff based solar PV facilities in Latin America,” said Adam Hepworth, CEO of Solexica.
Christian Wray, CEO of JCM added: “This endeavour is a tremendous stimulant to the local economy and a much needed supplement to the current energy deficit in Ecuador.”
The plants are expected to bring in more than US$200 million in investment to the local economy. During the construction phase, the plants will generate an estimated 400 jobs.