Wednesday, June 19, 2024

Hydro-solar project selected to provide power for copper mine in Ecuador

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SolGold PLC has entered into a Memorandum of Understanding (MOU) to lead a hydro-solar project to power its Cascabel copper-gold mine project in northern Ecuador. The MOU was signed with Grupo Empresarial Semaica (Semaica Business Group), Enerhydra, and Constructora Nacional S.A. The goal of the project is to deliver about 200MW of clean, renewable energy to the Cascabel site.

The MOU outlines the joint objectives and responsibilities of each party, including considerations such as a potential power purchase agreement (PPA), financing arrangements, construction responsibilities, technical aspects, project operation, and end-user agreements. This agreement sets the framework for further technical assessments to progress towards a definitive agreement while advancing the Cascabel project.

SolGold’s role in the project will be as an end-user to qualify for discounted power rates upon completion, while also supporting partners in fundraising efforts. The agreement aligns with the shared commitment to environmental stewardship and sustainable economic development.

Scott Caldwell, CEO and President of SolGold Ecuador, expressed excitement about the project’s potential to position Cascabel as one of the world’s largest copper-gold mines with a carbon-neutral footprint. The financing for the project is expected to come from international financial institutions and global entities specializing in sustainable energy investments.

The project will prioritize adherence to regulatory standards and environmental safeguards, involving local communities, government agencies, and environmental organizations in planning and implementation. By utilizing hydroelectric and solar power sources, SolGold aims to achieve long-term operational efficiency and sustainability while contributing to the green revolution.

SolGold is a resources company dedicated to discovering, defining, and developing world-class copper and gold deposits. The project signifies a significant step towards green energy adoption in the mining sector, showcasing a commitment to environmental responsibility and innovation.

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