Yinson Partners with Verano For 800MW Solar Projects in Latin America

Chile-based renewable energy project developer Verano Capital, and Yinson Renewables Pte Ltd, a global solar IPP and part of Yinson Holdings Berhad group, have agreed to collaborate on renewable energy projects in Chile, Colombia and Peru.

The collaboration initially targets to build a pipeline of over 800MW of utility-scale solar projects, of which 330MW are expected to have permissions in the next 6 to 12 months. Due to their strategic locations, these high-quality projects are anticipated to enable Yinson and Verano to offer attractive power offtake prices to energy buyers.

Yinson and Verano will focus on completing the consenting process for the most advanced projects in this collaboration, and subject to Yinson’s final investment decisions, Yinson and Verano aim to begin construction on the first 100MW within the next 6 months.

Verano has been developing renewable energy projects for the best part of a decade and has an existing portfolio of over 1GW, with 23 sold projects in operations generating 284,900MWh of clean energy per year. This is the second transaction for Verano in recent months following the recent agreement with Matrix Renewables for 154MW of solar projects, as per the company’s claims.

Speaking on the partnership, “We are excited to announce this collaboration with Yinson which allows us to grow quickly in several different geographies. We share common goals and values, with their ambition to become a leading IPP for renewable energy, their speed, and their commitment to driving the global transition to a net carbon-zero future,” said Dylan Rudney, Chief Executive Officer of Verano Capital.

While Yinson, since acquiring its first operational renewables asset, a140MW solar plants at Bhadla  in India, Yinson has further increased its portfolio with the under-construction 190MW Nokh solar plant, also in India, according to the firm.

Yinson’s Chief Executive Officer for Renewables, David Brunt, commented, “This collaboration with Verano represents a unique opportunity to drive our expansion in renewable energy and take part in the continent’s vast growth in the green energy space.”