Innergex will supply Codelco with 350GWh clean energy each year, produced by its portfolio of assets and projects under development for 15 years, from 2026 through 2040, strengthening its position as a renewable energy provider in Chile
Innergex Secures 350GWh Contract with Codelco. (Credit: Innergex)
Canadian utility Innergex Renewable Energy has secured a contract to supply 350GWh per annum renewable power to Chile’s state-owned copper mining company Codelco.
Codelco has awarded the contract as part of the latest request for proposals in the country.
Under the contract, Innergex will supply Codelco with clean energy produced by its portfolio of assets and projects under development for 15 years, from 2026 through 2040.
Innergex said that the contract strengthens its position as a renewable energy provider in Chile.
Innergex president and CEO Michel Letellier said: “Securing a large-scale power purchase agreement like this one underscores Innergex’s reputation as a leading provider of sustainable energy solutions in Chile.
“With the robust and diversified portfolio we have diligently cultivated over the years, we are now well positioned to engage with premier off takers, including the largest copper producer in the world.
“As the demand for clean energy continues to rise, Innergex remains dedicated to delivering innovative solutions that support sustainable development and contribute to greening the mining industry.”
According to the company, the long-term nature of the power purchase agreement will further enhance the quality and resilience of its cash flows.
The agreement provides revenues for the equivalent of 135MW of wind and solar capacity in Chile, directly contributing to its targeted growth.
It provides long-term stable revenues for the portfolio, extending the overall contracted and cash flow profile, along with the optionality to build additional capacity, said the Canadian utility.
Innergex develops, owns, and operates one of the largest renewable energy portfolios in Chile.
The company has 705MW of installed capacity in Chile, comprising 50MW of complementary battery storage, and around 620MW of projects at different stages of development.
Its diversified portfolio of hydro, wind, solar and battery storage assets, strategically distributed across the country, will address the growing demand for reliable clean energy generation.