EXECUTIVE SUMMARY

ContourGlobal, a global independent power producer, has started construction of the Los Maitenes hybrid solar photovoltaic (PV) and battery energy storage system (BESS) project in Chile's O'Higgins Region. The development expands the company's renewable energy portfolio in the country and combines 131 MW of solar PV capacity with a 90 MW/360 MWh battery energy storage system supporting Chile's growing demand for dispatchable renewable electricity.

The hybrid facility is located near one of Chile's largest electricity demand centres within the Central Interconnected System. Once operational, the project will help to address periods of surplus daytime solar generation by storing electricity and delivering it during evening peak demand through its four-hour battery storage system. The plant will run under a long-term power purchase agreement (PPA) that covers power purchase at day and night time while permitting a certain portion of its production to sell in merchant electricity markets.

The plant is expected to be commissioned by the end of 2027 and will produce about 220 GWh of renewable energy per year. After commissioning, the plant will help increase ContourGlobal's renewable energy portfolio in Chile up to 583 MW of solar PV and 490 MW/2.9 GWh of battery storage systems, thus exceeding 1 GW of ContourGlobal's clean energy production capacity in the country.

The development also expands ContourGlobal's presence beyond its existing renewable facilities in the Tarapacá and Antofagasta regions into the O'Higgins Region. By locating closer to major electricity consumption centres, the project is expected to reduce transmission constraints while improving renewable energy utilisation and grid flexibility.

Commenting on the project, Antonio Cammisecra, Chief Executive Officer of ContourGlobal, said, "Our growth in Chile goes hand in hand with the transformation of the country's power system." He added that Los Maitenes represents another milestone in the company's strategy to develop large-scale hybrid renewable platforms and supports its "Sun at Night" model, enabling daytime solar energy to be supplied during non-solar peak demand periods.

James Lee Stancampiano, General Manager LATAM at ContourGlobal, said the project demonstrates the company's ability to respond to changing customer and market requirements while delivering bankable energy solutions backed by its experience in Chile.

The construction is expected to employ up to 400 workers simultaneously at peak activity. Across the approximately 15-month construction period, around 900 direct workers will contribute to the project, while the overall employment impact, including indirect jobs across transportation, suppliers and local services, is expected to exceed 1,300 jobs. ContourGlobal is also continuing community engagement activities with local and institutional stakeholders throughout construction.