SolarReserve receives Environmental Approval for 390-MW-Power-Station
SolarReserve has now received the environmental approval for a 390 MW solar thermal power station including 5,100 megawatt-hours of energy storage in Chile.
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.
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.
“The Chilean transmission system will have difficulty accommodating large amounts of intermittent power. The Distribution Companies and Mining Sector require a firm, secure, and stable supply of electricity 24 hours a day,” said Tom Georgis, SolarReserve’s Senior Vice President of Development, “The Likana project will help lower electricity costs for Chilean families and businesses, while safeguarding grid stability.”
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.
“What’s happening in Chile is a preview of the future of solar thermal with energy storage around the world. Even more remarkable than baseload solar, SolarReserve set a new benchmark for solar thermal pricing by bidding 6.4 cents per kilowatt-hour, without subsidies, in Chile’s last auction for energy supply,” said Kevin Smith, SolarReserve’s Chief Executive Officer. “We’ve proven that solar with thermal energy storage can compete head-to-head with conventional energy on both functionality and cost.”
VIDEO “Crescent Dunes from the Air” Courtesy SolarReserve