21 January 2013
A Canadian consortium of renewable energy developers including Solexica Energy Corporation, JCM Capital and Radical Energy has signed a 20-year concession agreement with CONELEC, Ecuador’s National Electricity Board, for the purchase of electricity generated by the combined 62.5MWp PV (50 MWac) power plants located in Ecuador.
The plants are being developed as a result of strong government support for renewable energy, specifically by CONELEC’s feed-in-tariff policy enacted in early 2011. Under the terms of the agreement, power generated by the plants will be purchased at US40.03 cents/kWh and distributed to the national electrical grid.
“These projects combined will represent one of the largest construction-ready feed-in-tariff based solar PV facilities in Latin America” Adam Hepworth, CEO of Solexica said.
In total, the plants are expected to bring more than US $200 million in investment to the local economy and generate approximately 400 construction jobs.