Under the deal, the company will supply output from its first geothermal plant and a photovoltaic facility in Chile for 25 years.
The PPA also covers purchase of power from a wind farm for 20 years.
With this contract, the company will be able to invest around $800m for the construction of the power plants with a combined capacity of 300MW.
Enel has started construction of 24MW Los Buenos Aires wind farm in Bio-Bio with an investment of approximately $55m.
The facility is expected to generate over 86GWh annually, while reducing CO2 emissions of more than 41,000 tons.
Power generated by the farm will be transferred to Chile’s Central Region Transmission Network, Sistema Interconectado Central (SIC).
Enel has also started work on the 160MW Finis Terrae solar photovoltaic plant in Antofagasta region, with an investment of approximately $270m.
Said to be the largest-of-its-kind in Chile, the facility is owned by five special purpose companies led by Enel Green Power Chile.
Planned to be commissioned in the first half of 2016, the facility will generate more than 400GWh per year while reducing CO2 emissions of more than 198,000 tons annually.
The power generated will be transferred to transmission network of Chile’s northern region, Sistema Interconectado del Norte Grande (SING).
Image: Enel will invest $800m to build 300MW renewable power plants in Chile. Photo: courtesy of dan / FreeDigitalPhotos.net.