Verano Energy acquires 116 MWp of solar projects in Chile

Verano Energy, a solar project developer and EPC company in Latin America, announces that it has acquired 15 solar projects for a cumulated capacity of 116 MWp in Chile. The addition of these projects to the company's project portfolio consolidates its position as the leading renewable energy project developer in the fast-growing Latin American market, with a project pipeline now exceeding 1.5 GWp in Chile alone.

Don Pedro Solar Projects in Chile
Photo: Verano Energy

These solar projects have been acquired from multiple local developers. Located in 5 regions across Chile and ranging in size from 2.5 to 11 MWp, the 15 projects with a total capacity of 116 MWp, are being developed under the country's PMGD program.

In Chile, PMGD refers to projects with an installed capacity of up to 9 MW and a connection to the distribution grid. Under the PMGD program, projects get automatic grid access with a no curtailment guarantee, transmission toll reductions, and access to the stabilized pricing scheme.

These acquisitions add to Verano's internally developed PMGD portfolio to reach a total of 417 MWp in the PMGD program, representing a CAPEX of approximately US$450 million.

Ever since launching the company 10 years ago, our ambition has been the same; to play a leading role in the development of the country's solar sector. We were early movers in Chile's PMgD market, and we have significantly scaled up our portfolio in recent years and with these latest acquisitions, our pipeline of projects is now one of the largest in the region. This success reflects our M&A team's skill and experience across all aspects of solar project development. Combining in-house developments with external acquisitions allows us to scale our portfolio much faster.

—said Dylan Rudney, CEO of Verano Energy.

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