Sky Solar Announces Acquisition of 24 MW of Solar Projects in Chile
The Chilean “Small Generator” program (or “PMG” as it is known by its Spanish acronym) is available to solar projects of 9 MW or less. PMG allows these projects to sell electricity to the grid at a “stabilized price.” This price is based on the forecast marginal cost over the next ten years and is set by the CNE (Comisión Nacional de Energía) every six months. Additionally, PMG pricing is not subject to time of day variation. As a result, PMG pricing has been much more stable historically than basic spot pricing.
The project sites were chosen for their good solar irradiation, high energy demand and absence of power grid saturation currently affecting the northern regions of Chile.
This press release contains forward-looking statements. These statements constitute “forward-looking” statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, and as defined in the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as “will,” “expects,” “anticipates,” “future,” “intends,” “plans,” “believes,” “estimates” and similar statements. Among other things, the quotations from management in this press release and the Company’s operations and business outlook contain forward-looking statements. Such statements involve certain risks and uncertainties that could cause actual results to differ materially from those in the forward-looking statements. These risks and uncertainties include, but are not limited to the following: the reduction, modification or elimination of government subsidies and economic incentives; global and local risks related to economic, regulatory, social and political uncertainties; resources we may need to familiarize ourselves with the regulatory regimes, business practices, governmental requirements and industry conditions as we enter into new markets; our ability to successfully implement our on-going strategic review to unlock shareholder value; global liquidity and the availability of additional funding options; the delay between making significant upfront investments in the Company’s solar parks and receiving revenue; expansion of the Company’s business in the U.S. and into
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