August 2 (Renewables Now) - Spain-based Fotowatio Renewable Ventures (FRV) confirmed its award in Chile's power auction on Monday, in which it managed to place 651 GWh per year under 15-year contracts.
The renewables company, part of Abdul Latif Jameel Energy, submitted bids to supply wind and solar power in 31 sub-blocks around the clock, and secured contracts for the total amount of electricity it offered, it said.
Its bids averaged USD 37.19 per MWh, according to the auction results posted by Chilean energy commission CNE on Monday.
FRV was one of only two winning bidders to secure power purchase agreements (PPAs) in the auction, in which 15 participants competed to supply 5,250 GWh/year until the end of 2041.
CNE awarded only 777 GWh/year, while the rest of the volume went unassigned.
With the latest award, FRV estimates its pipeline in Chile will exceed 2.5 GW of projects under construction and development, the firm said.