The transaction involves a portfolio of photovoltaic assets totaling approximately 416 MW, at a price of 550 million US dollars. The operation will be completed once approval from the National Economic Prosecutor’s Office and other conditions are obtained.
On July 12, 2023, Enel Chile signed a contract with the international renewable energy company Sonnedix for the sale of its subsidiary, Arcadia Generación Solar S.A. This subsidiary owns four operating photovoltaic plants located in the Atacama and Antofagasta regions, with a total capacity of 416 MW. The sale will be finalized once approval from the National Economic Prosecutor’s Office (FNE) is obtained, along with the verification of other customary conditions in this type of transaction.
The contract stipulates that Sonnedix will pay a price of 550 million US dollars for Enel Chile’s entire stake in Arcadia Generación Solar S.A., subject to a standard price adjustment in this type of operation. Arcadia Generación Solar S.A. will continue to supply energy to the Enel Group through a power purchase agreement (PPA) related to part of the production from these plants.
The photovoltaic plants that make up the portfolio are: Diego de Almagro (36 MW, operational since 2014), Carrera Pinto (97 MW, operational since 2016), Pampa Solar Norte (79 MW, operational since 2016), and Domeyko (204 MW, operational since 2022). Together, they generate approximately 1 TWh/year of net production. The transaction is in line with Enel Chile’s Strategic Plan, as it contributes to the objective of value creation through the diversification and optimization of Enel Chile and its subsidiaries’ capital and portfolio.
Sonnedix is an international renewable energy producer with over a decade of experience in the development, construction, and operation of long-term renewable energy projects, providing sustainable electricity to its customers. Currently, Sonnedix has a total capacity of over 9,000 MW, including a development portfolio of over 6,000 MW in Chile, France, Germany, Italy, Japan, Poland, Portugal, Spain, the United States, and the United Kingdom. The company focuses on acquiring and developing renewable energy projects in countries of the Organization for Economic Cooperation and Development (OECD).
Enel Chile is the largest electric power holding company in the country in terms of installed capacity. It has a net capacity of 8,408 MW as of December 31, 2022. Its generation assets are diversified, with a focus on renewable energy, which accounts for 76% of Enel Chile’s total consolidated capacity: 3,508 MW from hydroelectric generation units, 2,042 MW from solar plants, 725 MW from wind generation units, 83 MW from geothermal capacity, and 2,050 MW from gas or oil-fired power plants.
Enel Chile also has its subsidiary, Enel Distribución Chile S.A., which operates in the concessioned energy distribution sector, serving over 2 million customers in 33 municipalities in the Metropolitan Region. The holding company is also involved in advanced energy solutions through its subsidiary, Enel X Chile S.A.
The recent agreement between Enel Chile and Sonnedix represents a significant development in the renewable energy sector. It highlights the growing interest and investment in clean energy sources, particularly solar power. This transaction not only strengthens Enel Chile’s financial position but also contributes to the diversification and optimization of its asset portfolio.
Renewable energy is increasingly recognized as a sustainable and environmentally friendly alternative to traditional fossil fuels. It offers numerous benefits, including reduced greenhouse gas emissions, energy independence, and long-term cost savings. By expanding their renewable energy portfolio, companies like Enel Chile and Sonnedix are making significant contributions to the transition towards a more sustainable and greener future.
The sale of Arcadia Generación Solar S.A. to Sonnedix allows Enel Chile to focus on its core competencies and strategic objectives while leveraging the expertise and resources of Sonnedix in the renewable energy sector. Sonnedix’s international presence and experience in renewable energy project development and operation will further enhance the performance and growth potential of the solar plants.
The consolidation of a portfolio of photovoltaic assets totaling 416 MW under Sonnedix’s ownership will contribute to increasing renewable energy capacity in Chile and the regions of Atacama and Antofagasta. It will also support the country’s efforts to reduce its carbon footprint and promote sustainable development.
The partnership between Enel Chile and Sonnedix exemplifies the collaborative approach necessary for the successful expansion of renewable energy infrastructure. By combining their resources and expertise, they can capitalize on the growing demand for clean energy solutions and drive the transition to a more sustainable energy system.
As governments and businesses worldwide prioritize sustainability and the reduction of carbon emissions, the renewable energy sector is poised for significant growth. The sale of these solar plants marks another important step towards achieving a more sustainable and environmentally conscious future. In conclusion, the agreement between Enel Chile and Sonnedix represents a significant advancement in the renewable energy industry, particularly in the field of solar power. The transaction underscores the commitment of both companies to sustainability and their dedication to expanding renewable energy capacity. By harnessing the power of the sun, these solar plants will contribute to a greener and more sustainable future for Chile and the world.
