Yinson Renewables Completes Acquisition of 97 MWp Matarani Solar Project in Peru

Yinson Renewables has finalized the acquisition of the 97 MWp Matarani Solar Project in Peru from Grenergy Renewables, an international independent power producer specializing in Latin America. The project, located in the Mollendo desert in the Arequipa region, boasts one of the world’s highest solar irradiation areas. Majority of the project’s energy has been secured through a power purchase agreement (PPA) with a bankable off-taker for the next 15 years.

Project Matarani is currently undergoing construction and is anticipated to commence commercial operations by the third quarter of 2024. Alongside the acquisition for approximately USD 25 million, Grenergy is providing a complete turnkey EPC contract for project construction, with further earnouts valued at around USD 65 million. Grenergy will also oversee operation and maintenance services for the plant during its initial two years of operation. Once operational, Project Matarani is expected to inject approximately 260 GWh of renewable energy into the Peruvian grid annually, sufficient to meet the energy needs of around 62,000 Peruvian households and reduce CO2 emissions by over 56,000 tonnes per year.

Commenting on the acquisition, Yinson Renewables Chief Executive Officer, Mr. David Brunt, emphasized its significance as a crucial milestone for the company’s expansion in Peru and Latin America. Yinson Renewables holds strong growth ambitions in Latin America, particularly in Peru. Apart from Project Matarani, the company also controls Project Majes, situated in close proximity, and is actively exploring additional opportunities in the country. Matarani marks Yinson Renewables’ inaugural operating project in South America, with a pipeline of nearly 1 GW expected to be developed over the next three to five years. The project adds to Yinson Renewables’ portfolio of large-scale IPP projects, which includes Rising Bhadla 1 & 2 plants and the Nokh Solar plant in India.