Verano Targets 800MW LatAm Solar
Chile headquartered Verano Capital and independent power producer Yinson Renewables have agreed to collaborate on a pipeline of over 800MW of solar projects in Chile, Colombia and Peru.
Around 330MW of this capacity is expected to be consented in the next six to 12 months, Verano said.
Yinson and Verano will focus on completing the consenting process for the most advanced projects in this collaboration and, subject to Yinson’s final investment decisions, Yinson and Verano aim to begin construction on the first 100MW within the next six months.
Verano’s overall business model is to source and provide the initial investment and expertise in developing renewable energy projects in Latin America and it has an existing portfolio in excess of 1GW, with 23 sold projects in operation, generating 284,900 megawatt hours of clean energy per year.
Verano reached an agreement in recent months with Matrix Renewables for 154MW of solar projects under Chile’s PMGD programme.
Yinson’s footprint is “rapidly expanding” following the group’s decision to diversify into renewables in 2019.
Since acquiring its first operational renewables asset, the 140MW Bhadla solar plant in India, Yinson has increased its portfolio with the under-construction 190MW Nokh solar plant, also in India.
Yinson has in addition established a strong pipeline of greenfield development projects around the world.
Yinson’s renewables CEO David Brunt said: “This collaboration with Verano represents a unique opportunity to drive our expansion in renewable energy and take part in the continent’s vast growth in the green energy space.”
Verano Capital CEO Dylan Rudney added: “Combining global scale and project development expertise means that we can provide the most attractive clean energy solutions on the market.”