Chinese vertically integrated solar company Trina Solar has signed a memorandum of understanding (MoU) for the creation of a joint venture (JV) with Spains Grenergy Renovables that will develop up to 60 MW of solar projects in Chile.
According to a press release issued by Grenergy Renovables, which specializes in renewable energy development, the two companies will each hold a 50% stake in the JV, and work together to identify development opportunities in Chiles growing solar PV market.
The JVs first project will see the development of two small solar plants totaling 6 MW during the first quarter of the year. Once commercially connected, both Grenergy and Trina Solar will sell their share to third-party investors before moving on to other, similar projects.
Grenergy currently has more than 150 MW of small-scale ground-mounted solar PV projects in the pipeline in Chile, and is currently active in three additional Latin American countries, including Mexico, Peru and Colombia.
These projects, combined with its Spanish footprint, deliver to Grenergy a global solar PV portfolio in excess of 1 GW.
Trina Solar first expanded into the Chilean solar market in 2012, and has since become one of the leading suppliers of solar modules for the country, which has firmly cemented its position as Latin Americas strongest solar market over the past few years.