September 15 (Renewables Now) - Finnish renewables investor Korkia on Friday said it has set up a joint venture with Chilean developer Ciudad Luz to develop 500 MW of projects in Chile over four years.
The partnership will involve solar, wind, hybrid and storage projects in the utility-scale and PMGDs (Small Distributed Generation Means) segments. The PMGDs projects are of up to 9 MW and are connected to the distribution networks. The joint venture plans solar plus storage projects in this segment, while in the utility-scale sector it will develop wind, solar and hybrid projects of up to 100 MW and will also consider standalone storage projects. The first developments are expected to become shovel-ready in three years.
“This is the first joint venture with a developer that Korkia closes in Latin America,” said Mikko Kantero, executive vice president of New Markets and Origination in Korkia. The joint venture could expand to Colombia, where Ciudad Luz has operations, and other markets on the continent, Kantero added.
Korkia has been present in Chile since 2019 with activities in solar asset management and it is now broadening its scope.
“Chile is facing difficulties in its renewable and non-conventional energy sector because of a lack of transmission lines and high curtailment especially in solar projects,” Tomas Steinacker, general manager at Ciudad Luz, remarked, adding that the storage projects with Korkia will address this issue.