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Total, Etrion to Build World's Largest Solar Merchant Project in Chile

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Total S.A. (NYSE: TOT) and Etrion Corporation (OTC: ETRFX) today announced the planned construction of Project Salvador, the world's largest solar power project based on spot market electricity ("merchant") revenues. Project Salvador will be a 70 megawatt-peak ("MWp") photovoltaic power plant in the Atacama region of Chile. Pursuant to the terms of the related purchase agreement, Etrion, Total and Solventus Energias Renovables ("Solventus") will own 70%, 20%, and 10% interests, respectively, in the project. The total project cost of approximately US$200 million will be financed 70% 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.Project Salvador will be built by Total's affiliate, SunPower Corporation ("SunPower") (NASDAQ: SPWR), a US solar energy leader offering solutions unmatched in efficiency, reliability and performance. Project Salvador will also enter into a long-term fixed price operation and maintenance agreement with SunPower. "Project Salvador is an important step in the process of transforming the capabilities of solar power in the world. This merchant project confirms that solar energy is

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Posted-In: Earnings News Guidance Contracts Management Global

 

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