SolarReserve Receives Environmental approval for 390 megawatt solar thermal facility with storage in Chile

PRESS RELEASE

Likana Solar Energy Project in the Antofagasta region will provide reliable, non-intermittent electricity from solar energy 24-hours a day

SANTIAGO, Chile, July 20, 2017 – SolarReserve, the industry leader in baseload solar power solutions and advanced solar thermal technology with energy storage, has received an environmental approval from the Chilean government to build a 390 megawatt solar thermal power station with 5,100 megawatt-hours of energy storage.

This important milestone marks SolarReserve’s third approval of a solar thermal project that will provide Chile with a non-intermittent, 24-hour supply of energy – at a price competitive with fossil fuel based generation.

Non-Intermittent, Baseload 24-Hour a Day Solar

Utilizing SolarReserve’s proprietary solar thermal energy storage technology, the Likana Solar Energy Project in the Antofagasta region of Chile, will be comprised of three 130 megawatt (MW) solar thermal towers, each with 13 hours of full load energy storage.

With 5.1 gigawatt-hours of total energy storage capacity, the facility will deliver 390 megawatts of continuous output, resulting in over 2,800 gigawatt-hours generated annually.

It will operate at a capacity factor and availability percentage equal to that of a fossil fired power plant, while providing a highly competitive price of power – and with zero emissions.

Highly Competitive Price of Power with No Fuel Price Volatility

SolarReserve will be bidding energy and associated capacity, from Likana and the company’s other Chilean projects, into the upcoming auction for firm energy supply issued annually by Chile’s power distribution companies.

Minimal Environmental Impact

As part of SolarReserve’s project development and permitting process for the Likana Solar Project, the company collaborates with stakeholders and local communities to ensure minimal environmental impact.

This process includes careful site selection, low water use systems, and extensive environmental studies prior to starting construction.

The Likana Solar Project underwent comprehensive environmental assessment under the Chilean Impact Assessment System (Sistema de Evaluación de Impacto Ambiental – SEIA) administered by the Environmental Evaluation Service (SEA), and as a result was successfully awarded an environmental qualification resolution (Resolución de Calificación Ambiental) (RCA), which is the name for the Chilean environmental permit.