Atlanta-based solar development firm Renewvia Energy signed a disposition contingency for a 26MW solar project in Uruguay. The project is among the country’s first solar power procurements. Renewvia solely owned the project through the special purpose entity Alto Cielo. Solarpack was the interim owner of the project before SunEdison, the world’s largest renewable energy developer, took possession.
The Alto Cielo solar project is located in the Tomás Gomensoro locality of Uruguay’s Artigas Department. The project is contracted under a U.S. dollar-denominated, 28-year power purchase agreement (PPA) with the National Administration of Power Plants and Electrical Transmissions (UTE), Uruguay's state-owned utility. Uruguay is one of a select group of investment-grade markets in the region.
“We are excited to be working in a geography where utility solar power procurement is desired as opposed to forced. Logical decisions and compromises were made by each party to facilitate a successful project and, as importantly, the PPA price was not contingent on installation and capital cost decreasing to achieve financial close,” said Trey Jarrard, CEO of Renewvia. “It was gratifying to shepherd in one of the country’s first solar procurements.”
Renewvia was awarded a 60MW DC bid through a 200MW UTE solar decree in 2013. Renewvia invested 18 months satisfying the requirements of the decree to complete the PPA negotiation and execution. Within 30 days of the decree award, land control had to be proven and interconnection evaluations begun. Renewvia worked with local consultants to complete the required environmental impact studies and obtain the various state, utility, and environmental licenses and permissions required to build and operate a power plant in Uruguay. Renewvia retains a position in the remainder of the 60MW Uruguayan award.
In addition to expanding in Latin America, Renewvia is also developing commercial solar micro grid facilities in Kenya and Saipan.