An American developer headquartered in Chile, Verano Capital, has announced an 18% stake of the solar capacity of the 100 MW VeCaSo-1 solar project.
With a winning bid of $42.50MWh, the project will run on a 20-year ‘take-or-pay-‘ power purchase agreement.
The VeCaSo-1 100 MW project is set to be completed in 2019.
Ramiro Marquesini, country manager of Verano Capital in Argentina, said: “We are very pleased that our bid was able to meet the demanding qualification criteria of this second round of tender. We are taking pride in delivering a very sound project, in terms of economics and prices of course, but also mindful of the Argentinian people and economy with the inclusion of local content sourcing.”
Argentina has been identified as one of the largest power markets in South America, but it currently suffers from a deficit. It is planning on reaching 20% of renewable energy generation by 2025, an ambitious target that requires the addition of about 10 GW of additional capacity.
Marquesini added: “This was another example of a very competitive auction. There were over 99 participating bids and only 12 winning bids. At Verano Capital, we have a flexible and well-calibrated operation that gives us an advantage over larger competitors.”
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