Mytilineos: Agreement for the sale of electricity in Chile for the next 10 years

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Mytilineos has signed a Renewable Energy Sales (PPA) Agreement with Enel Generación Chile SA, through its Renewable Energy Development & Storage Sector (RSD).

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As the company informed, this contract will supply the Chilean company with a capacity of up to 1.1 TWh per year for the next 10 years.

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With this contract, Mytilineos will provide “green” energy that will be produced from a portfolio of four photovoltaic projects with a total capacity of 588 MWp.

The portfolio’s conventional energy is equivalent to the electricity needed for 532,000 homes in Chile, eliminating 123,000 cars from the road network and avoiding the emission of 570,000 tonnes of CO2 into the atmosphere.

“Mytilineos has set ambitious targets worldwide and Latin America is a key part of its strategy to achieve them. I am pleased to announce the signing of the first Mytilineos electricity sales contract in Chile for our 588 MW contract “A strong milestone for our consolidation in the country through which we will continue to implement our development strategy in Latin America as a whole.” Nikos PapapetrouGeneral Manager of Mytilineos RSD Sector.

The Commercial Director of ENEL Generación Chile, Alfredo Hott“With this agreement, Enel strengthens its renewable energy portfolio to offer its customers competitive security of supply to support Chile’s energy transition.”

This portfolio was acquired at an advanced stage of “brownfield” development by Mytilineos during the two years 2020-21 and marked the first penetration of the Company in Chile, as an investor. It is reminded that the Company is already active in the country as a leading EPC contractor of photovoltaic projects.

After gaining full control of these projects, Mytilineos focused on completing their development and contracting them through PPA, while at the same time strengthening the human resources in the area. At the same time, it is consolidating its position in the energy market of Chile, through the acquisition of new photovoltaic and wind projects in the central and southern regions of the country.

Of the four projects in the portfolio, one is already under construction and the other three are in the final stages of development and their construction is expected to begin during 2022.

The projects are located in Arica-Parinacota (109 MWp), Antofagasta (228 MWp), Atacama (165 Mwp), and Coquimbo (86 MWp) in Chile. All four projects are expected to start supplying electricity during 2023. Once the portfolio is completed, MYTILINEOS RSD will also oversee its operation and maintenance.

The PPA signing of this portfolio with Enel Generación establishes Mytilineos as one of Chile’s leading renewable energy producers and provides a solid foundation for the Company’s ambitious growth strategy in Chile and other key Latin American markets. In addition, the Company is already developing 1 GWp photovoltaic parks in Chile, Mexico and Colombia.

The total capacity of the international portfolio of the RSD Sector is of the order of 2,326 MW, of which:

– 123 MW in operation

– 665 MW under construction

– 1,538 MW Ready To Build (RTB) or with an estimated RTB within the next 6 months

This portfolio also includes a series of projects in various stages of development, with a capacity of approximately 3.7 GW.

Larraín y Asociados and Taelec acted as legal and commercial advisors to MYTILINEOS in this transaction.

Source: Capital

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