Blue Elephant Enters into Cooperation with oEnergy

Source: www.gulfoilandgas.com 1/28/2021, Location: South America

Blue Elephant Energy AG (BEE) signed a joint venture agreement on 30 December 2020 to develop, build and operate a 119,5 MWp portfolio of distributed solar farms across Chile. The strategic partner is oEnergy Generación Solar Distribuida SpA (oEnergy), based in Santiago, Chile.

The portfolio will be fully developed by oEnergy, which will also be responsible for the turnkey EPC of the solar parks. In addition, oEnergy will remain involved in the long term both as a minority shareholder and as technical and commercial operator.

The portfolio consists of 12 projects located between the regions of Valparaíso and Biobío, with the majority of the parks to be built in the Maule region. The first projects started construction in January 2021 and will be operational in July 2021. The entire portfolio is scheduled for completion by September 2022. The projects will operate under Chile's small-scale distributed generation programme (known as "PMGD") and sell their energy at the regulated "stabilised price".

"We are pleased to have closed our first transaction in Chile with a strategic partner that has a solid track record in the development, EPC and operational management of small-scale solar farms," said Tim Kallas (BEE's Chief Investment Officer). "The addition of 119,5 MWp to our overall portfolio strengthens and diversifies our international footprint. We see great potential both in Chile and across Latin America to drive renewable energy projects and support the continent on its path to carbon neutrality. This cooperation underlines our global commitment to a greener future."

"We are thrilled to partner with BEE on this ethical investment that will create a greener future for Chile," said Yuri Andrade Sylvester (Chief Business Development Officer of oEnergy). "This transaction advances oEnergy's debut as an IPP and solidifies its operational track record across the PMGD project lifecycle. Our continued goal of deploying long-term capital looks more promising with BEE by our side."

Once the portfolio is completed, BEE will operate a total PV portfolio of over 177 MWp in Latin America, together with the Montecristi solar park in the Dominican Republic.


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