Ex. Verano Capital, Verano Energy Secures Permits for 100 MW Solar Project in Peru

• Verano Energy, formerly Verano Capital, has obtained several key permits for the construction of a 100-MW solar power project in Peru. Yinson Renewables is an investment partner for this project, which is expected to start operating in mid-2025.

What happened?

Verano Energy, formerly Verano Capital, has obtained several key permits for the construction of a 100-MW solar power project in Peru. The firm secured the environmental approval, a certificate that shows that there are no archaeological remains at the project site, and the pre-operability study related to the grid connection. The solar farm will be located in the city of Majes in Peru’s department of Arequipa and is expected to be divided into two 50-MW phases. Construction is expected to commence in 2024, and the first phase solar farm could start operating by mid-2025. Yinson Renewables, part of Malaysian energy infrastructure company Yinson Holdings Bhd, is said to be an investment partner on this project. (Source: Verano Energy LinkedIn) 

Why does it matter?

The project is significant for Peru, as it is the first environmental impact approval for the country. It is also an important step for Verano Energy, Yinson Renewables, and the photovoltaic industry as a whole. According to the International Renewable Energy Agency (IRENA), Peru is one of the fastest growing markets for renewable energy in South America. With the 100-MW solar farm, Verano Energy and Yinson Renewables can make a meaningful contribution to the country's renewable energy goals.

What's next?

Verano Energy and Yinson Renewables are currently working on the last minor permits and searching for a Power Purchase Agreement to begin the construction of the project. The project is expected to be completed by mid-2025. In the meantime, both companies will continue to work on other projects in Peru, Colombia, and Chile, as part of their 800-MW plan for Latin America.