Total S.A. and Etrion Corporation (Etrion) announced the planned construction of Project Salvador, the world’s largest solar power project based on spot market electricity (merchant) revenues.
Project Salvador will be a 70 megawatt-peak (MWp) photovoltaic power plant in the Atacama region of Chile. Pursuant to the terms of the related purchase agreement, Etrion, Total and Solventus Energías Renovables (Solventus) will own 70%, 20%, and 10% interests, respectively, in the project. The total project cost of approximately US$200 million will be financed 70% through non-recourse project debt from the Overseas Private Investment Corporation (OPIC), the US Government’s development finance institution. The remaining 30% equity portion will be funded by Etrion, Total and Solventus, based on their respective ownership interests.
Project Salvador will be built by Total’s affiliate, SunPower Corporation (SunPower), a US solar energy leader offering solutions unmatched in efficiency, reliability and performance. Project Salvador will also enter into a long-term fixed price operation and maintenance agreement with SunPower.