To build the 122MW Conejo Solar PV power project in Chile’s Atacama Desert, Pattern Energy Group LP (Pattern Development) has completed a US$250 million project financing. Construction has been started and the project is expected to be completed in the summer of 2016.
The Conejo Solar PV power project is expected to be one of the largest solar projects in Latin American when being competed. Pattern Development originated, demonstrated and financed for the project, designing it to be fitted with the company’s wind business in Chile.
“In addition to our El Arrayán wind facility, the largest in Chile, we now have a strong platform and an exciting pipeline of projects for future growth in the country. When combined with our recent Japanese solar project additions, we are making a significant step to diversify into solar on a global basis," stated Mike Garland, President and CEO of Pattern Development.
The project has already secured a 22-year PPA with Minera Los Pelambres, an affiliate of Antofagasta Minerals, for approximately 65% of the project's output over the term of the agreement. The project will connect to the Sistema Interconectado Central (SIC) transmission system and is located on public lands owned by the government of Chile, under a long-term concession. Besides, Pattern Development's affiliate company Pattern Energy Group Inc. (Pattern Energy) has previously added the Conejo Solar project to its identified Right of First Offer (iROFO) list.