Ecuador's Ministry of Energy and Mines (MEM) has allocated 345.3 MW of solar capacity in its latest 500 MW renewable energy auction, launched in December 2021.

Although there were initially more than 30 bidders that acquired the rights to participate in the auction, at the closing of the procurement exercise there were only 10 companies that complied with the technical requirements imposed by the authorities.

For solar, five of the six participating developers proposed 60 MW projects. Intiyana submitted an offer of $0.049877/kWh and AMBI presented a price of $0.049876/kWh. Imbabura Solar, Ñañapura, and Dominion offered $0.0535977/kWh, $0.05961/kWh, $0.066988/kWh, respectively. Esco As submitted a 17.6 MW solar project to sell power at $0.064985/kWh.

The MEM also selected two hydropower projects, totaling 150 MW of capacity, with final prices ranging from $0.0455/kWh to $0.05222/kWh. Just one wind project with a capacity of 44.8 MW was selected in the auction, with a final price of $0.06063/kWh.

The MEM will award a 25-year power purchase agreement to the wind and solar projects and a 30-year deal to the hydroelectric facilities.