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Enel Chile indicates new solar PV off the cards for now
Hybridization of existing renewables parks could be a potential investment driver for Chile’s biggest power generator, Enel, over the next several years, but new solar capacity appears unlikley.
Enel has already embarked on the process, indicating recently that hybridization was a company plan.
Hybrid systems feed electricity from two or more sources into the grid, supporting supply stability and leveraging existing connection infrastructure. Injecting power at night from batteries also gives solar PV generators access to favorable spot prices.
“In our plan, as of today, we are not expecting any other solar power plant,” Enel Chile CEO Giuseppe Turchiarelli told the company’s 1H24 results call.
Against a backdrop of plunging energy storage costs, with Enel reporting a battery price of around US$1 million/MW – compared with around US$700,000-800,000/MW for solar PV and around US$1.6mn/MW for wind – the company could potentially double-down on energy storage to hybridize more of its renewables portfolio.
Enel has 1.09GW of new northern solar capacity spread across four parks with approved commercial operation dates. These are the 375MW Campos del Sol, 163MW Valle del Sol, 145MW Finis Terrae and 398MW Guanchoi. Enel was told last year it did not need to go through a separate permitting process for a planned installation of 300MWh of battery capacity at Valle del Sol, according to information in the BNamericas project database.
Meanwhile, three renewable energy plants have associated battery storage systems already connected to the grid: El Manzano (99MW solar, 67MW battery), Don Humberto (80MW solar, 67MW battery) and La Cabaña (106MW wind and 68MW battery).
In terms of other hybridization projects, Enel this month announced the start of commercial operations of a 205MW Antofagasta region solar PV system, Las Salinas, built within the footprint of the 112MW wind park Sierra Gorda Este.
This followed the launch in 2022 of the 60MW Antofagasta region Azabache solar PV park, built within the footprint of the 90MW Valle de los Vientos wind farm.
Further wind projects may advance along the development pipeline although companies targeting zones south of capital Santiago, which tend to have favorable wind profiles and existing demand, can face permitting and development challenges. Against this backdrop, interest is growing in the potential of offshore wind.
Meanwhile, at end-June, Enel’s net installed capacity stood at 8.7GW, with hydropower accounting for 3.5GW, solar 2.1GW, combined-cycle gas turbine 1.5GW, wind 0.9GW, oil and others 0.5GW, battery 0.2GW and geothermal 0.1GW.
A company strategic goal is to reach 7.8GW of installed renewables and storage capacity in 2026. At end-June, associated capacity stood at 6.8GW.
This year Enel is due to begin and conclude testing its construction-phase 150MW Maule region run-of-the-river hydropower plant El Cóndores. Construction of Los Cóndores began in 2014
A January report from grid coordinator CEN estimates average annual power demand growth of 3.5% to 2028 in a medium demand scenario, driven by mining, datacenter and desalination projects, among others. Under one modeling scenario, which considers a context of high demand growth plus green hydrogen production, annual power demand on the national grid through 2030 is expected to grow in the range of 3.3% to 6.0%.
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News in: Electric Power (Chile)
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