Building Energy makes first investment in Chile renewables

The global integrated IPP, Building Energy, has announces its first investment within the Latin American renewable energy industry.

The company has entered a joint venture with Scotta Group, the Italian hydroelectric firm, to create Building Energy Andes SpA.

The partnership aims to develop, construct, and operate renewable energy assets in Chile, which Scotta has had a presence in since 2006.

The companies will strive to contribute to Chile’s renewable market, particularly focusing of solar photovoltaic (PV) and mini-hydro plants.

Building Energy Andes SpA anticipates to invest a total of US$37mn into the energy projects, to be located in the central regions of the country where the demand is greatest and the cost of electricity is highest.

The first energy generator with be located in Hualañé in the VII Region of Maule, with a capacity of 3MW.

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The nation’s clean energy market is continuously growing, driven by the increasing demand for electricity and mass of nature and a supportive environment.

“We are extremely pleased with the closing of this joint venture with Scotta Group, which has provided a strong foundation for us to work together in the Chilean renewable energy market,” said Daniele Moriconi, MD of LATAM at Building Energy.

“The alliance brings together two companies with significant experience and a strong commitment to Chile and South America as a whole.”

We started off with 30 MW of solar and mini-hydro portfolio, and we are planning to further expand our generation capacity in the Country, continuing to leverage on our multi-technology strategy with our commitment to environmental responsibility.”

“As Scotta Group, we are pleased to form this Joint Venture with Building Energy. This will help the Scotta Group’s diversification of the business in the Chilean market,” stated MD of Scotta Group in LAtin America, Enrico Gatti.

“Scotta has settled a strong presence in the mini-hydro market since the Group’s first arrival in 2006, and this alliance with Building Energy will trigger our first investment outside this sector.”