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US renewable energy firm SunEdison reached a "historic milestone" in Chile's latest regulated market power supply call, a company statement said.
SunEdison was awarded a contract to supply 570GWh/y in the auction, more than any other NCRE bidder. The auction was Chile's first to include time of day-specific blocks designed to accommodate renewable generation.
SunEdison will invest US$700mn in the installation of 350MW of photovoltaic (PV) solar plants to meet the supply commitment.
Chile's power distributors and the national energy commission (CNE) made available blocks totaling 13,000GWh/y, and awarded 85% of that amount.
Chile's energy ministry aims to reduce average power auction prices to US$100/MWh from US$130/MWh by 2018.
SunEdison offered prices of US$89/MWh for a 190GWh/y block starting in 2016 and US$85/MWh for a 380GWh/y block starting in 2017.
For each, SunEdison will supply power to the central SIC grid for 15 years.
In a separate release, the company said that global renewable energy power plant owner and operator TerraForm Power plans to acquire the new plants once they are brought online.