Yinson Renewables has completed the acquisition of the 97 MWp Matarani Solar Project in Peru from Grenergy Renewables, an international independent power producer, developer, and engineering, procurement, and construction (“EPC”) company
with a strong track record in Latin America.
The project located in the Mollendo desert in the Arequipa region is one of the world’s highest solar irradiation areas. Most of the project’s energy has been contracted through a power purchase agreement with a bankable off-taker for the next 15 years. The project is currently under construction and is expected to enter commercial operation by third quarter of 2024. In addition to the SPV acquisition for ~USD25 million, Grenergy will be providing a full turnkey EPC contract for the construction of the project and is entitled to further earnouts (collectively valued at ~USD65 million).
The Yinson owned company will also provide the operation and maintenance service for the plant for the first two years. Once in operation, Project Matarani will inject about 260 GWh of renewable energy into the Peruvian grid annually, enough to satisfy the energy needs of about 62,000 Peruvian households and prevent the emission of more than 56,000 tonnes of CO 2 per year.
