Italian developer Limes moves into Chilean market

Share

Italian renewables developer Limes has announced the opening of a Chilean base as it works to potentially double the size of its development pipeline in the nation.

The Milan-based developer, which says it last year secured enough funding to develop 500 MWp of subsidy-free solar generation capacity in its homeland, announced the establishment of its third business ‘hub’ yesterday, in Santiago.

A press release issued to publicize the development stated Limes has a 300 MW, three-project pipeline in Chile and is evaluating a further 300 MWp of project capacity in a nation that was in the vanguard of merchant solar.

In the front line

The Italian developer pointed out Chile had the world’s three largest merchant solar projects – which trade free of fixed price deals on a market basis – and the world’s highest number of such solar facilities, until last year.

With the South American country aiming for a carbon neutral economy by 2050, Limes said the 20 GW of new renewable energy generation capacity required to hit that target would ensure a healthy solar sector.

“The Chilean market provided all the main features that Limes targets when identifying a potential market,” said Martin Libra, head of Limes Latin America, “stable regulatory framework, substantial fundamentals of the energy sector, large market size to be tackled.”

The Santiago office is the company’s third, after Italy and Vietnam.