Atlantic Wind & Solar secures approval for two photovoltaic plants in Ecuador
Atlantic Wind & Solar has secured an approval for the development of two photovoltaic projects in Ecuador.
The approval was accorded by the National Electricity Council of Ecuador (CONELEC) with the projects set for development under its feed-in tariff (FIT) regime.
Located in the towns of Lagarto and Tonchigue in the Province of Esmeraldas, the two plans represent 2 phases and will have a total installed capacity of 58.34MW.
Atlantic Wind & Solar CEO Gilles A. Trahan said that Ecuador's progressive example could fuel growth for the South American energy market over the next decade.
"These initial solar power generating facilities in Ecuador reaffirm Atlantic's strategy to develop similar scale projects in new emerging markets where such social and environmental advancements have an immediate impact on the quality of life for all residents," added Trahan.
The two solar facilities will require an investment of $150m and are expected to generate a combined 86,000MWh of clean electricity.
Reducing 50,000t of CO2 emissions, the plans will power 85,000 households in the region.
CONELEC's approval for the projects followed the company furnishing $2m in warranties, required to secure power purchase agreements for the projects.