Chile. Building Energy SpA, a multinational company operating in the renewable energy industry, as an independent energy producer, announced the constitution of Building Energy Andes SpA, a joint venture with the Scotta Group aimed at developing, building and operating renewable energy assets in Chile.
The Scotta Group is an Italian conglomerate specialized in the design, manufacture and installation of hydroelectric power plants as well as industrial automation, with a presence in Chile since 2006.
Through the constitution of Building Energy Andes SpA, based in Santiago, both companies will contribute to the growing renewable energy market in Chile, which is strongly driven by the increase in electricity demand, abundance of natural resources and a regulatory framework that promotes the development of this sector. The investment plan is mainly focused on photovoltaic solar plants and mini-hydro plants, which benefit from a price stabilized by their energy injections, a benefit that applies to small and medium-sized renewable energy projects.
Building Energy Andes is currently working on a portfolio of around 30 MW, which will be fully operational by the end of 2018 or the beginning of 2019. These projects, which will require investments of approximately US$37 million, are located in the central regions of Chile, where national electricity demand is concentrated, with prices significantly higher than in other regions.
The first project in the portfolio has an approximate installed capacity of 3 MW, is located near the town of Hualañé, in the VII Region of Maule and is under construction. These investments mark a first milestone for Building Energy in Latin America and there is ambition on the part of the company to grow and become a stable and solid player in the region.
