Total and Etrion have planned to construct 70MWp photovoltaic power plant in Chile, which is claimed to be the world’s largest solar power project based on spot market electricity (merchant) revenues.

To be located in the Atacama region of Chile, the project, known as Project Salvador, will be owned by Etrion (70%), Total (20%) and Solventus Energías Renovables (10%) as per the terms of the related purchase agreement.

The project will be developed with an investment capital of $200m and will be built by SunPower, an affiliate of Total. Project Salvador will also sign a long-term fixed price operation and maintenance agreement with SunPower.

Built on 133 hectares land leased from the Chilean government through a long-term concession, the plant will feature SunPower Oasis Power Blocks system, a fully integrated solution utilizing SunPower’s solar panels and single-axis trackers. The facility will connect through the power infrastructure of Corporación Nacional del Cobre de Chile.

Initially, the project will be operated on a merchant basis where the electricity produced will be sold on the spot market and delivered to the Sistema Interconectado Central (SIC) electricity network, with the ability to secure future power purchase agreements.

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Construction of the project is expected to start during the fourth quarter of 2013 and is expected to be operational by the first quarter of 2015. Once operational, Project Salvador is expected to produce approximately 200GWh of solar electricity per year, enough to supply electricity to approximately 60,000 people in Chile.

Out of the total capital of $200m, 70% will be financed through non-recourse project debt from the Overseas Private Investment Corporation (OPIC), the US government’s development finance institution. The remaining 30% equity portion will be funded by Etrion, Total and Solventus, based on their respective ownership interests.