Fotowatio Renewable Ventures (FRV) has been awarded 651 gigawatt hours (GWh) per year in a renewable energy auction in Chile with a combined proposal of photovoltaic and wind energy, as reported in a statement.
The company, which specializes in the development of sustainable energy solutions and is part of Abdul Latif Jameel Energy, won 12.4% of the energy required in the auction held in the Andean country and led by the National Energy Commission (CNE). The amount awarded corresponds to 100% of the energy offered by FRV.
In the auction, which required a total of 5,250 GWh per year, the company was awarded 31 sub-blocks of the 250 auctioned for the three hourly segments, which means distributing energy 24 hours a day, seven days a week.
"This is a milestone of great importance for FRV, a market in which we are firmly committed and with great plans for the future. With this award in the auction we hope to continue contributing to the decarbonization of the energy sector in Chile and its independence from other sources of fossil fuels", remarked the director of FRV in South America, Manuel Pavón.
For his part, Abdul Latif Jameel's deputy chairman and vice chairman, Fady Jameel, stressed that Chile represents an important market for the company, as it has expressed "a deep commitment to meeting renewable energy targets of 60% by 2025 and at least 70% of electricity generation by 2050."
"This award will allow us to further strengthen our presence in Chile and continue to support its drive for renewable energy to ensure continued social and economic development for its citizens," Jameel added.
Considering the MW awarded in the auction, FRV expects to have a pipeline of more than 2.5 GW under development and construction in Chile.