IFU is selling its shares in Pampa Elvira Solar (34 MW), one of the world’s largest solar thermal plants, to Innergex, IFU’s local partner in the project. Innergex already owned 55% of the shares, and with the acquisition of IFU’s shares, completed the remaining 45% interest in its Pampa Elvira Solar thermal facility in Chile for US$ 5.5 million.
Pampa Elvira Solar is providing solar-powered heat to copper mine Gabriela Mistral in the Antofagasta Region, northern Chile, operated by market leading Chilean copper company Codelco. Utilizing the solar-powered heat, the mine has been able to reduce fossil fuel consumption with up to 85%, equivalent to 15,000 tons of CO2 annually. In April 2023, the project closed a new ten-year renewal of the power supply agreement with Codelco.
“With the acquisition of the remaining interest in Pampa Elvira Solar, we continue the expansion of our important green and sustainable portfolio. This operation allows us to consolidate the extension of the contract with Codelco and extend this technology in other mining operations in the country.”
Jaime Pino, Vice President and General Manager of Innergex Chile.
Oliver Stanek Villsen, Senior Investment Manager at IFU, says that “This is the right time to exit because of the stable level of operations and in line with our strategy. We are pleased to have been part of this project and have full trust in Innergex being the right partner to take over 100% of the ownership with their global expertise and strong focus on sustainability and impact”.
Inaugurated in 2013, Pampa Elvira Solar was developed by Energía Llaima (today Innergex Chile) and Danish Sunmark, combining local business expertise with Danish technology. With over 44,000 m2 in size, the plant consists of more than 2,928 solar panels each about 15 m2. This corresponds to an area that can accommodate almost 90 soccer fields. With the acquisition, Innergex looks forward to expanding renewable energy both in Chile and abroad.
Danish Climate Investment Fund (DCIF) is a IFU managed fund backed by IFU, PensionDanmark, PKA, Dansk Vækstkapital and Aage V. Jensens Fond. The fund focusses on climate investments in developing countries in which Denmark has economic interests.
About Innergex Renewable Energy Inc.
For over 30 years, Innergex has believed in a world where abundant renewable energy promotes healthier communities and creates shared prosperity, which led to Innergex being recognized as Canada’s best corporate citizens in 2023 by Corporate Knights. As an independent renewable power producer which develops, acquires, owns and operates hydroelectric facilities, wind farms, solar farms and energy storage facilities, Innergex is convinced that generating power from renewable sources will lead the way to a better world. Innergex conducts operations in Canada, the United States, France and Chile and manages a large portfolio of high-quality assets currently consisting of interests in 86 operating facilities with an aggregate net installed capacity of 3,580 MW (gross 4,226 MW) and an energy storage capacity of 409 MWh, including 40 hydroelectric facilities, 35 wind facilities, 9 solar facilities and 2 battery energy storage facilities. Innergex also holds interests in 12 projects under development with a net installed capacity of 747 MW (gross 849 MW) and an energy storage capacity of 335 MWh, 4 of which are under construction, as well as prospective projects at different stages of development with an aggregate gross installed capacity totalling 9,939 MW. Its approach to building shareholder value is to generate sustainable cash flows, provide an attractive risk adjusted return on invested capital and to distribute a stable dividend. To learn more, visit innergex.com