Reading Time: 2 minutes
UL, the global safety science leader and one of the world’s top advisors on the technical development, evaluation and optimization of renewable energy projects, has been chosen by Global Power Generation (GPG), a subsidiary of Naturgy, to deliver the independent engineering report to support the financing of the San Pedro I and IV solar PV projects.
The independent engineering report will provide investors with a comprehensive review of the solar projects’ technical design and capabilities, enabling them to identify and mitigate possible risks that could restrict the projects’ ability to meet contractual obligations.
Chile is one of the fastest growing renewable energy markets in South America, surpassing its national renewable energy targets for 2025 in 2018. Though northern Chile has the highest solar incidence in the world, environmental conditions make solar PV project development challenging.
By choosing UL, GPG will be able to capitalize on the company’s significant expertise in both solar due diligence and the South American region, where UL has worked on over 10GW of solar and renewable energy projects to date. As a third-party independent organization, UL will provide GPG with a complete and transparent overview of the projects’ risks to mitigate uncertainty and build confidence with investors.
Cristian Algar, director, advisory services Europe and LATAM at UL said, “UL has set the industry standard for solar PV due diligence for almost four decades, supporting developers in the evaluation of new projects to ensure a solid business case for banks and investors. Chile offers a significant opportunity for solar PV projects, and we will continue providing our expertise to help the market overcome the complexities which might otherwise limit project development.”
Pedro Serrano, director of development at Global Power Generation, said, “Independent engineering reports are crucial to the financing of renewable energy projects. The finance banks needed an organization with a proven track record that they could trust to develop a high-quality and accurate report to satisfy and protect the projects’ investors. UL’s past experience, results and team expertise made them the obvious candidate and we look forward to working them.”