SolGold looking to secure 200 MW of hydro-solar power for Ecuador mine

Mineral exploration company SolGold PLC (LSE:SOLG) announced today the signing of a pact that could potentially ensure about 200 MW of hydroelectric and solar power for its flagship Cascabel copper-gold concession in Ecuador.

SolGold has entered into a memorandum of understanding (MoU) with construction firms Grupo Empresarial Semaica and Constructora Nacional S, as well as Enerhydra. The pact outlines various aspects related to the initiative, including a potential power purchase agreement (PPA), financing, construction, and operation, among others.

The copper-gold company will be the potential end-user and will take steps to qualify for discounted power rates upon the project’s completion. It has committed to supporting its partners in the fundraising efforts but will not be directly involved in the financing, building, or operation of the power project.

“This endeavour could position Cascabel as one of the world's largest copper-gold mines aiming to achieve a carbon-neutral footprint,” said Scott Caldwell, CEO and president of SolGold Ecuador.

The Cascabel Project is located in the Imbabura province, northern Ecuador. It is 100% owned by SolGold.

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