Trina (TSL: US), the world’s largest solar panel manufacturer, and Grenergy (GRE: SM), a leader in the development of solar projects in Latin America, have formalized over the past weeks an agreement aimed at constructing solar photovoltaic projects in Chile, through the signing of a Memorandum of Understanding (MOU). This agreement establishes a Joint Venture in which both companies will hold a 50% stake.
With this commitment, Grenergy will consolidate its growth strategy in Chile where the company currently has a strong pipeline of projects under development and construction.
Through this investment agreement, Grenergy will undertake the construction of solar photovoltaic projects in Chile with Trina modules, opening the possibility of collaboration in other Latin American markets. The first step of this partnership which could reach 60MW is intended to begin with the construction of two PMGD projects (Small Means of Distributed Generation) in Chile totaling 6 MW in the first quarter of this year.
Once operational, both parties are intending to sell them to third party investors and replicate this scheme with new solar projects.
Grenergy and Trina are expecting to execute this agreement in January 2016 and start the construction of the first project in the first quarter of 2016.
Grenergy has established itself as a leading developer of projects connected to the Chilean distribution grid (PMGD) with a pipeline of approximately 150MW in various stages of development.
Grenergy currently operates in four countries of Latin America (Mexico, Chile, Peru and Colombia) which together with the Spanish market represent a pipeline of project in development greater than 1 GW.