Solarpack submitted the most competitive tariff among all the participants in the tender.
Solarpack Corporación Tecnológica, S.A. or Solarpack was awarded a long-term concession contract for the construction, operation, maintenance and reversion to the Ecuadorian State of the 258 MW solar PV project, El Aromo, located in the province of Manabí.
The award is part of the bidding process launched by the Ministry of Energy and Non-Renewable Natural Resources (MERNNR) of Ecuador in which 3 international companies bid after a pre-qualification process. Solarpack offered the most competitive energy price: 69.35 US$/MWh, slightly below the prices offered by the rest of the bidders, who all offered prices below 70 US$/MWh.
Award enables Solarpack to begin with the development, financing, and construction of El Aromo solar PV project, which will generate around 340 GWh per year and which is expected to enter operation by the end of 2022.
The award of this PPA in US dollars, with a duration of 20 years from the time of award, represents a new order entry for the company, maintaining its strategy of geographic diversification with predominant exposure to hard currencies.