Finland based renewable energy investor Korkia has established a joint venture (JV) with Chilean distributed energy assets developer Ciudad Luz to co-develop 500 MW solar, wind, hybrid and storage projects in Chile.
The JV will focus on both utility-scale as well as distributed generation facilities under the country's Pequeños Medios de Generación Distribuida (PMGD) scheme.
For utility-scale facilities, the JV plans to include wind, solar and hybrid projects with an installed capacity of up to 100 MW. Projects under PMGD will focus on solar and storage facilities with an installed capacity of up to 9 MW as required by the law and connected to distribution networks.
Initial projects are scheduled to reach ready-to-build stage over the next 3 years.
This is the 1st JV with a developer that Korkia says it has closed in Latin America since the company has been investing in asset management of existing PV plants in the Chilean market since 2019. It follows similar efforts by Korkia in Europe including in Mainland Greece & Crete Island and in Finland (see 1 GW Solar PV Partnership Announced In Finland).
"Latin America is very attractive for renewable energy investing. As Ciudad Luz also operates in Colombia, this cooperation opens the possibility of expanding the JV also to the Colombian market in the nearby future," shared EVP of New Markets & Origination in Korkia, Mikko Kantero. "We both have ambition to create more clean megawatts to the continent in the following years."
Ciudad Luz's General Manager Tomás Steinacker says energy storage projects under the partnership will help it contribute to solutions for the country's renewable and non-conventional energy that currently faces difficulties with a lack of transmission lines and high curtailment especially for solar projects.