Verano Capital, a renewable energy project developer headquartered in Chile, and Yinson Renewables Pte Ltd, a global Independent Power Producer (IPP) which is part of the Yinson Holdings Berhad group, have agreed to collaborate on renewable energy projects in Chile, Colombia and Peru.
The collaboration initially targets to progress a pipeline of over 800 MW of utility scale solar projects, of which 330 MW are expected to be consented in the next 6 to 12 months. Due to their strategic locations, these high-quality projects are anticipated to enable Yinson and Verano to offer attractive power offtake prices to energy buyers.
Verano’s overall business model is to source and provide the initial investment and expertise in developing renewable energy projects in Latin America. Verano has been developing renewable energy projects for the best part of a decade and has an existing portfolio in excess of 1 GW, with 23 sold projects in operations generating 284,900 MWh of clean energy and offsetting 258,602 tonnes of CO2 per year. Verano’s ambition is to offer the most competitive and best in class services for its clients across all markets. This is the second transaction for Verano in recent months following the recent agreement with Matrix Renewables for 154 MW of solar projects under Chile’s PMGD programme where the development, construction and operations is being provided by Verano.
Yinson’s footprint is rapidly expanding following the group’s decision to diversify into renewables in 2019, with the aim of becoming one of the leading renewable energy IPPs globally. Since acquiring its first operational renewables asset, the 140 MW Bhadla solar plants in India, Yinson has further increased its portfolio with the under-construction 190 MW Nokh solar plant, also in India. Yinson has in addition established a strong pipeline of greenfield development projects around the world.
Yinson and Verano will focus on completing the consenting process for the most advanced projects in this collaboration, and subject to Yinson’s final investment decisions, Yinson and Verano aim to begin construction on the first 100 MW within the next 6 months.
Yinson’s Chief Executive Officer for Renewables, David Brunt, commented “This collaboration with Verano represents a unique opportunity to drive our expansion in renewable energy and take part in the continent’s vast growth in the green energy space.”
Dylan Rudney, Chief Executive Officer of Verano Capital, added “We are excited to announce this collaboration with Yinson which allows us to grow quickly in several different geographies. We share common goals and values, with their ambition to become a leading IPP for renewable energy, their speed and commitment to drive the global transition to a net carbon-zero future. Combining global scale and project development expertise means that we can provide the most attractive clean energy solutions on the market.”