Sky Solar Announces Acquisition of 24 MW of Solar Projects in Chile
November 20 2017 - 9:43AM
Sky Solar Holdings, Ltd. (NASDAQ:SKYS) (“Sky Solar” or the
“Company”), a global developer, owner and operator of solar parks,
today announced the acquisition of a 24 MW portfolio of “Small
Generator” solar projects developed by Renergetica. The
portfolio consists of 3 shovel-ready projects located in Chile’s
Region VI. Construction of the projects is expected to begin
in the near future. Renergetica is an Italian smart energy
company focused on the development of renewable energy systems and
hybrid systems around the world.
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.
Mr. Sanjay Shrestha, Chief Investment Officer of
Sky Solar Holdings, commented, “We are excited to work with
Renergetica, a leader in solar project development around the
world. This collaboration further demonstrates our ability to
develop solar projects in Chile. We are proud of our
continuing execution in the region and look forward to finding more
attractive opportunities to build our base of assets in that
country.”
About Sky Solar Holdings,
Ltd.
Sky Solar is a global independent power producer
(“IPP”) that develops, owns, and operates solar parks and generates
revenue primarily by selling electricity. Since its inception, Sky
Solar has focused on the downstream solar market and has developed
projects in Asia, South America, Europe, North America and Africa.
The Company's broad geographic reach and established presence
across key solar markets are significant differentiators that
provide global opportunities and mitigate country-specific risks.
Sky Solar aims to establish operations in select geographies with
highly attractive solar radiation, regulatory environments, power
pricing, land availability, financial access and overall power
market trends. As a result of its focus on the downstream
photovoltaic segment, Sky Solar is technology agnostic and is able
to customize its solar parks based on local environmental and
regulatory requirements. As of June 30, 2017, the Company owned and
operated 136.8 MW of solar parks.
Safe-Harbor Statement
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 China; risk associated with the Company’s limited
operating history, especially with large-scale IPP solar parks;
risk associated with development or acquisition of additional
attractive IPP solar parks to grow the Company’s project portfolio;
and competition. Further information regarding these and other
risks is included in Sky Solar’s filings with the U.S. Securities
and Exchange Commission, including its annual report on Form 20-F.
Except as required by law, the Company does not undertake any
obligation to update any forward-looking statements, whether as a
result of new information, future events or otherwise.
For investor and media inquiries, please contact:
Sky Solar:IR@skysolarholdings.com
SKYS Investor Relations:
The Blueshirt Group
US or MandarinRalph Fong+1 (415)
489-2195ralph@blueshirtgroup.com
ChinaGary Dvorchak, CFA+86 (138)
1079-1480gary@blueshirtgroup.com
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