Vector Renewables Chile will perform the Technical Management of 588 MW of photovoltaic assets for Mytilineos
Vector Renewables, a leading asset manager in renewable energy and storage projects, has been selected by the international company of Greek origin Mytilineos to provide Technical Asset Management for a portfolio of solar photovoltaic projects located in northern Chile. With this new contract, both companies strengthen their business relationship, collaborating to further advance the country's energy transition.
The project portfolio consists on four photovoltaic solar energy projects, with a total capacity of 588 MW. One of them was inaugurated in December 2023 and the other three will start operating soon. The plants will be deployed throughout northern Chile, taking advantage of the unique resource in the area with the highest solar radiation in the world. "Doña Antonia" (Coquimbo), "Tocopilla" (Antofagasta), "Tamarico" (Atacama), and "Willka" (Arica and Parinacota) are the names of the projects that make up this portfolio. These projects will be Mytilineos' first solar projects in Latin America, which will also integrate battery systems for storage.
Under this contract, Vector Renewables will support Mytilineos by providing a wide range of services including, among others, performance analysis and monitoring, O&M supervision, asset energy management, periodic plant visits and technical performance reporting.
About Mytilineos.
Mytilineos is a Greek multinational company involved in the industrial and energy sector in more than 40 countries on five continents and its purpose is to build a more sustainable and conscious future in the world.
The company has built photovoltaic projects for more than 1.5GW in Europe, Asia, Africa, America and Oceania. Only in Chile, it has built solar parks for more than 600MW. Furthermore, in the United Kingdom and Puerto Rico it has developed storage projects for more than 400 MW.
Patricia Dárez, Country Manager of Vector Renewables Chile and leader of this new alliance in the country, noted that "It is exciting to be able to support an international player like Mytilineos in this region that has exponential growth potential and, especially, at a crucial time for the energy transition. The teams of both companies have already worked together in other countries and it has been a successful combination."
In relation to this new agreement, Juan Pablo Toledo, Country Manager of Mytilineos in LATAM, highlighted the strategic importance of this collaboration by stating: "As a company we are supporting growth in all the regions in which we operate, seeking to be a reference in innovation, development and commercialization of energy. This particular portfolio has a significant relevance for us, as it not only covers four regions in Chile, contributing to the local development of those territories, but it is also our first investment for our own projects in LATAM. We are fully convinced that the collaboration with Vector Renewables, in charge of managing our assets in the country, will be a great support to successfully achieve our goals of developing sustainable and efficient projects".
According to the latest report from the Chilean Renewable Energy and Storage Association (ACERA), Chile currently has more than 13.4 GW of installed capacity of non-conventional renewable energy, with 4 GW of wind energy and more than 7.7 GW of solar photovoltaic energy. The country's goal is to reach 80% of electricity generation from renewable sources by 2030 and to achieve the goal of 100% net zero emissions by 2050.
With this contract, Vector Renewables consolidates the position of its Chilean affiliate, where it has an outstanding track record in the provision of asset management and technical advisory services. In this way, the company continues its commitment to developing renewable energies by providing asset management services in the first investment for Mytilineos' own projects in Latin America, contributing to the country's energy transition process.
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