SolarReserve Wins El Salvador’s 1st Utility-Scale Solar Contract
SolarReserve is bringing 20 MW of utility-scale solar power to El Salvador’s Acajutla plant, while advancing its share of the Latin American solar market.
The Santa Monica, California–based company won El Salvador’s first ever utility-scale solar tender. The country’s energy and telecommunications regulator oversaw the bidding process.
SolarReserve sees Latin America as a good growth market, according to CEO Kevin Smith.
“Many Latin American countries, including El Salvador, have experience with renewable energy such as geothermal or hydroelectric. As demand for electricity continues to grow, Latin America represents a great opportunity for solar power development,” Smith said.
“With the region’s excellent solar resource and escalating and uncertain prices of fossil fuels, solar power makes more than just environmental sense – it makes economic sense. We look forward to continuing our work on Acajutla and on our other photovoltaic and solar thermal projects in development in Latin America.”
Currently, SolarReserve has 800 MW of Latin American projects scheduled, including the Acajutla plant. The company is using photovoltaic (PV), concentrated solar power (CSP), and hybrids (mixed PV and CSP systems) in creating potential around-the-clock clean energy solutions.
With analysts predicting 700 MW of new solar capacity in the region this year, and falling solar prices, SolarReserve, is well primed to boost its own portfolio of $1.8 billion, while adding to Latin America’s surging solar potential.
Source: PR Newswire