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Sky Solar acquires 24 MW of Solar Projects in Chile

Sky Solar has announced the acquisition of a 24 MW portfolio of “Small Generator” solar projects developed by Renergetica.

The portfolio consists of 3 shovel-ready projects located in Chile’s Region VI.  Construction of the projects is expected to begin in the near future.  Renergetica is an Italian smart energy company focused on the development of renewable energy systems and hybrid systems around the world.

The Chilean “Small Generator” program (or “PMG” as it is known by its Spanish acronym) is available to solar projects of 9 MW or less. PMG allows these projects to sell electricity to the grid at a “stabilized price.”  This price is based on the forecast marginal cost over the next ten years and is set by the CNE (Comisión Nacional de Energía) every six months. Additionally, PMG pricing is not subject to time of day variation. As a result, PMG pricing has been much more stable historically than basic spot pricing.

The project sites were chosen for their good solar irradiation, high energy demand and absence of power grid saturation currently affecting the northern regions of Chile.

Sanjay Shrestha, Chief Investment Officer of Sky Solar Holdings, commented, “We are excited to work with Renergetica, a leader in solar project development around the world.  This collaboration further demonstrates our ability to develop solar projects in Chile.  We are proud of our continuing execution in the region and look forward to finding more attractive opportunities to build our base of assets in that country.”