Ecuador's Río de Oro Signs 10 MW Solar Power Supply Agreement

en.Wedoany.com Reported - On October 26, Ecuadorian photovoltaic project Río de Oro Energy and local plastics manufacturer PICA Plásticos Industriales formally reached a 10-year solar power supply agreement. The agreement corresponds to a photovoltaic installed capacity of 10 megawatts peak (MWp), with an expected annual power supply of 14.6 million kWh, which can meet up to approximately 90% of PICA's electricity demand. The two parties held a cooperation launch event in Guayaquil on October 23, and the related power supply has already begun implementation.

This cooperation adopts a remote distributed generation self-supply model. Río de Oro Energy is responsible for the design, financing, construction, operation and maintenance of the photovoltaic facilities, while PICA obtains electricity through a long-term agreement without the need to directly invest in building power generation facilities. The generated electricity is fed into the distribution network of Ecuador's national power company (CNEL EP) and then offsets PICA's industrial facility electricity consumption according to the contractual arrangement; the power supply does not involve selling electricity to the state.

The power supply comes from the Río de Oro Energy photovoltaic power station developed by GPS Group, located in the Río Verde area of Santa Elena Province, Ecuador. The first phase of the power station began supplying power to corporate customers on September 15, 2026. The entire project has a planned installed capacity of 65 megawatts peak, with private investment exceeding USD 50 million and an expected annual power generation of 90 million kWh. The project's electricity has been allocated to industrial and commercial customers through long-term agreements, with full delivery arrangements for all contracted electricity planned to be completed by January 2027.

GPS Group also plans to expand its photovoltaic installed capacity in Ecuador, targeting 330 megawatts peak by December 2027. The related construction arrangements include subsequent phases of Río de Oro and new projects in the three provinces of Santa Elena, Guayas and Manabí, as follow-up development plans for its industrial and commercial solar power supply business.