Verano Energy, a solar project developer and EPC company in Latin America, has acquired 15 solar projects for a cumulated capacity of 116 MWp in Chile.
The addition of these projects to the company’s project portfolio consolidates its position as the leading renewable energy project developer in the fast-growing Latin American market, with a project pipeline now exceeding 1.5 GWp in Chile alone.
Verano Energy purchased the solar power projects from multiple local developers. Located in 5 regions across Chile and ranging in size from 2.5 to 11 MWp, the 15 projects with a total capacity of 116 MWp, are being developed under the country’s PMGD program.
In Chile, PMGD refers to projects with an installed capacity of up to 9 MWn and a connection to the distribution grid. Under the PMGD regime, projects get automatic grid access with a no curtailment guarantee, transmission toll reductions, as well as access to the stabilized pricing scheme.
These acquisitions add to Verano’s internally developed PMgD portfolio to reach a total of 417 MWp in the PMGD program, representing a Capex of approximately $450 million.
Dylan Rudney, CEO of Verano Energy, said: “We were early movers in Chile’s PMgD market, and we have significantly scaled up our portfolio in recent years and with these latest acquisitions, our pipeline of projects is now one of the largest in the region.”