Spanish solar developer Solarpack has firmed up a contract with the government of Ecuador to build a 258MWdc PV project in the coastal region of Manabí.
The El Aromo PV plant will constitute a €141 million (US$150 million) investment and will be built on a construction waste landfill area. Solarpack said that it will be the largest PV project in the country once completed.
A power purchase agreement (PPA) was also signed with the Ecuadorian government as part of the tender programme for which the project was awarded in 2020. The government will offtake the power produced at the plant under a 20-year agreement.
Pablo Burgos, CEO of Solarpack said: “This deal demonstrates the company’s structure and ability to close long-term power purchase agreements and to advance in our growth plans in a market with so many opportunities such as Ecuador. We are very proud to help Ecuador reduce its emissions with this project, in line with our purpose: to accelerate the transition towards clean and affordable energy for all.”
In November, Solarpack secured a US$133 million loan to finance the development of 252MW of PV projects in Colombia. The company set a target in 2021 of 2GW of operational or under-construction PV by 2023. Its operations are spread across South America, India, Malaysia and Spain, with the majority of its assets in its native country.