TORONTO--(BUSINESS WIRE)--A Canadian consortium of renewable energy developers including Solexica Energy Corporation (“Solexica”), JCM Capital (“JCM”) and Radical Energy Inc. (“Radical”) has signed a 20-year concession agreement with CONELEC for the purchase of electricity generated by the combined 62.5MWp PV (50 MWac) power plants located in the Republic of Ecuador. The plants are being developed as a result of strong government support for renewable energy, demonstrated specifically by the country’s innovative and ambitious non-conventional energy initiatives and regulations – specifically by CONELEC’s feed-in-tariff policy enacted in early 2011. Under the terms of the agreement, power generated by the plants will be purchased at US40.03 cents/kWh and distributed to the national electrical grid.
“These projects combined will represent one of the largest construction-ready feed-in-tariff based solar PV facilities in Latin America” Adam Hepworth, CEO of Solexica said. Christian Wray, CEO of JCM added “that this endeavour is a tremendous stimulant to the local economy and a much needed supplement to the current energy deficit in Ecuador.”
In total, the plants are expected to bring over USD $200 million in investment to the local economy and generate approximately 400 construction jobs.
About JCM Capital (JCM)
JCM focuses on financing and the co-development of renewable energy projects in emerging markets.
About Solexica Energy Corporation (Solexica)
Solexica is a Canadian renewable energy developer focusing on Solar PV, geothermal and wind power projects.
About Radical Energy (Radical)
Radical is a renewable energy developer located in Quito and was the originator of these solar PV projects.