The Ministry of Energy and Non-Renewable Natural Resources of Ecuador announced the initiation of its selection process of private sector players to develop and operate 200 MW of renewable energy projects.

These projects would be located in different regions, depending on the resources, site conditions, environmental, and other logistics.

The renewable energy projects  would include several hydropower projects like Angamarca – Sidne (30 MW), in Cotopaxi; Caluma – Pasagua (4.03 MW) and Tigreurco (3.44 MW), in Bolívar; Juvial – Púlpito (27 MW), in Cañar; Infiernillos (19.64 MW), and Huapamala (5.20 m MW), in Loja.

The Ministry anticipates a private investment of around $300 million through these projects.

According to the Bioenergetic Atlas, Ecuador has the potential to develop around 10.67 GW of energy capacity from biomass, 884 MW from wind energy, and 660 MW from solar energy.

According to the press statement, the Ministry has a portfolio of 24 renewable energy projects, including solar, wind, biomass, and hydroelectric projects at several locations across the region.

The government would also provide benefits to enhance private investment for the development of new electricity generation projects. The benefits include exemptions of income tax for 12 years for project investments in the national territory, tax exemptions of eight years for project investments in Quito or Guayaquil, and tax exemptions on the outflow of foreign currency.

The selection process would be completed within 237 business days.

Recently, Ecuador authorized five international companies to participate in the public selection process for the 15 MW Colonophus solar project. The list included companies like Canadian Solar Conolophus, GranSolar-Total EREN, Voltalia SA, Woojin Industrial System, and Scatec Solar – Energy Flex. The project will require a total investment of around $45 million, and the concession term of the project is 25 years. The 15 MW project is equipped with 40 MW of energy storage systems. The generated electricity will be supplied to Baltra-Santa Cruz electrical system.

Mercom recently reported about the latest Frost & Sullivan’s research analysis report, which suggests that global investments in the renewable energy sector are expected to rise to $3.4 trillion by 2030, including an estimated investment of $2.72 trillion in solar and wind energy sectors.