A proposed 300-MW pumped storage hydropower plant combined with 600-MW solar PV plant is taking shape in Chile. Valhalla, the team behind the Espejo de Terapaca plant said in an interview that it has hired Marathon Capital to help find strategic investors in the project. The US $1 billion project is seeking to raise about 40 percent of project costs this fall with hopes that it can begin construction in early 2017.
It’s the perfect location for a project like this because of the natural landscape. No dams will need to be built and the land will not be disturbed because it is a desert.
“There is a big coastal mountain range very close from the ocean and [the landscape] has natural caverns, said Francisco Torrealba, co-founder of the company. “That is something that you rarely see anywhere else in the world,” he added.
The project will use Francis-type turbines from a European supplier and PV with single-axis tracking to generate baseload power at an extremely competitive price.
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