Canadian consortium signs PPA for 50 MW solar PV plant in Ecuador

A consortium of Canadian renewable energy developers has signed a 20-year concession agreement with CONELEC for the purchase of electricity generated by the combined 62.5MWp PV (50 MWac) power plants located in the Republic of Ecuador.
Canadian consortium signs PPA for 50 MW solar PV plant in Ecuador

Members of the consortium include Solexica Energy Corporation, JCM Capital and Radical Energy Inc.

The plants are being developed as a result of strong government support for renewable energy, demonstrated specifically by the country’s innovative and ambitious non-conventional energy initiatives and regulations – specifically by CONELEC’s feed-in-tariff policy enacted in early 2011.

Under the terms of the agreement, power generated by the plants will be purchased at US40.03 cents/kWh and distributed to the national electrical 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 “that this endeavour is a tremendous stimulant to the local economy and a much needed supplement to the current energy deficit in Ecuador.”

In total, the plants are expected to bring over $200 million in investment to the local economy.

For additional information:

JCM Capital (JCM)

Solexica Energy Corporation (Solexica)

Radical Energy (Radical)

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