Marubeni Corporation (“Marubeni”) has agreed with EDF Energies Nouvelles, a wholly-owned subsidiary of Électricité de France (“EDF”) dedicated to renewable energy business, to participate in a 146 MW photovoltaic solar plant project (“Laberinto Project”/“Project”) located in the Atacama Desert in the region of Antofagasta, Chile.
The parties have entered into a partnership agreement to jointly invest in the Project.
The Project is located in the Atacama Desert, which has the highest level of irradiation in the world, and will be connected to Chile’s Northern Interconnected System. The Project is equally owned by EDF Energies Nouvelles and Marubeni. The Laberinto Project fits the Chilean government’s objective of generating 20% of the country’s power from renewable energies by 2025.
EDF Energies Nouvelles is one of the largest renewable energy players, with a presence in 20 countries and a portfolio of more than 10,000 MW (gross) of renewable power plants developed, built and commissioned. The Project constitutes the third joint project between Marubeni and EDF Energies Nouvelles following two projects in the North American region.
Marubeni promotes various renewable energy business backed by the increase of global need for low-carbon power sources. Marubeni, as a leading Japanese investor in the world electric power market, will continue looking for potential opportunities in this market. Starting from this first investment footprint in the Latin American power sector, Marubeni intends to expand its presence in the region.
Upon completion of this transaction, Marubeni’s total worldwide generation capacity will be 35,434 MW (gross) and 11,022 MW (net).