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.
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