May 20, 2024

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Trina Solar must pay guarantees for three projects in the country

Trina Solar must pay guarantees for three projects in the country

XM, the operator of the interconnected system and responsible for the Colombian wholesale energy market, announced Thursday that the guarantee payment for the photovoltaic company will be implemented. solar trinaafter the difficulties in the implementation of the San Felipe, Cartago and Campano projects that were being developed in the country, which was allocated in the previous Power Auction.

(“We offer the most competitive energy prices”: Trina Solar).

Payment of these exceptional guarantees must be made on Friday, March 3, 2023as provided by the Energy Authority.

Payment of these extraordinary guarantees is currently being calculated, as the payment of market guarantees that ended on February 21 this year has not been met.

Guarantees intended Ensure compliance with obligations Arising from wholesale energy market agents, corresponding to stock market energy transactions, settlements, ancillary services, national transportation system usage fees, services, and in general, for any concept XM issues with an ASIC and LAC quality invoice. In addition, collateral is also expected to cover fees for using STR and SDL.

“All payments which have not been notified by the means specified in the Regulations, shall be deemed not to have been made”, XM, in contact with Trina, indicated that Portfolio was well known.

It should be remembered that the company was awarded long-term contracts with these three projects in the auction held in 2019. At that time, the company promised to power 20 companies.

However, since January 1, 2022, the company fulfills its energy delivery obligations by purchasing on the stock market.

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However, as share prices rose, the company would have problems making payments. For this reason, the exceptional safeguards and guarantees process has been activated.

Prior to that, the company had launched an auction to buy energy for 655 GWh/year until 2036. The start of energy delivery for these contracts will range from October 2023 to June 2026. The delivery is scheduled to be completed no later than 2036. December 2036.

The three projects that will now have to pay an extraordinary value, have a generation capacity of 290 MW. It faced delays in its construction and operation due to licensing and environmental advisory difficulties, as well as the pandemic.