FRV wins 651 GWh/year in Chile's renewables auction

FRV has been awarded 651 GWh/year in the Chilean renewables auction.
Together with its other projects already awarded in previous years, they exceed 700 MW.

Santiago de Chile, 1st August 2022

Fotowatio Renewable Ventures, a leading developer of sustainable energy solutions and part of Abdul Latif Jameel Energy, has been awarded 651 GWh per year in Chile’s renewable energy auction with a combined wind and PV proposal. FRV has won 12.4% of the energy required in the auction held in the Andean country and which has been led by the National Energy Commission (CNE). The amount awarded corresponds to 100% of the energy offered by FRV.

In the auction, which required a total of 5,250 GWh per year, the company was awarded 31 sub-blocks of the 250 auctioned for the 3 hourly tranches, which means distributing energy 24 hours a day, seven days a week.

This is a very important milestone for FRV. Chile is a market in which we are strongly committed and with great plans for the future, with this award in the auction we hope to continue contributing to the decarbonisation of the energy sector in Chile and its independence from other fossil fuel sources.

Manuel Pavón

Managing Director of FRV South America

Chile represents an important market for us as the nation has expressed a deep commitment to meeting renewable energy targets of 60% by 2035 and at least 70% of electricity generation by 2050. Abdul Latif Jameel Energy is dedicated to innovating solutions that harness the power of nature to democratize access to sustainable, clean energy. This project win will enable us to further bolster our presence in Chile and continue to support its renewable energy drive to ensure continued social and economic development for its citizens.

Fady Jameel

Deputy President and Vice Chairman, Abdul Latif Jameel

Considering the MW awarded in the auction, FRV expects to have a pipeline of more than 2.5 GW under development and construction in Chile.