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Etrion SA and Total SA to Construct Project Salvador in Chile

Thursday, 26 Sep 2013 02:20am EDT 

Etrion SA announced that the Company and Total S.A. plan to construct Project Salvador, a solar power project based on spot market electricity (merchant) revenues. Project Salvador will be a 70 megawatt-peak (MWp) photovoltaic power plant in the Atacama region of Chile. Pursuant to the terms of the related purchase agreement, Etrion, Total and Solventus Energias Renovables (Solventus) will own 70%, 20%, and 10% interests, respectively, in the project. The total project cost of approximately USD 200 million will be financed 70% through non-recourse project debt from the Overseas Private Investment Corporation (OPIC), the United States Government’s development finance institution. The remaining 30% equity portion will be funded by Etrion, Total and Solventus, based on their respective ownership interests. Project Salvador will be built by Total’s affiliate, SunPower Corporation (SunPower) a United States-based solar energy company. Construction is expected to start during the fourth quarter of 2013, and Project Salvador is expected to be operational by the first quarter of 2015 at the latest. The company in which Etrion, Total and Solventus will hold their respective ownership interests holds the licenses, land rights and permits necessary to build, own and operate Project Salvador. 

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