Private jets emitted more climate pollution than all Heathrow Airport flights in 2023
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Ecuador has secured $1bn in energy sector investments from Spain and China through 2026, government spokesperson Carolina Jaramillo announced, marking an early success from President Daniel Noboa's recent diplomatic tour.
Spain's Cox Energy Group will invest $600mn across five renewable projects and an 80km transmission line through its subsidiary Cox Ecuador. The solar parks include $102mn for Malchinguí in Pichincha province, $143mn for La Ceiba I and II in Loja, $146mn for Ilapo I and II in Chimborazo, $77mn for Matala in Loja, and $43mn for Tocachi in Pichincha. An additional $136mn will fund National Transmission System expansion.
"This agreement reinforces the Government's commitment to developing a sustainable, diversified, and resilient energy matrix," Energy Minister Inés Manzano stated, as reported by El Periódico de la Energía. The projects will generate approximately 536.5 megawatts, significantly diversifying Ecuador's electricity generation.
Additionally, China's Power China will contribute $400mn for renewable energy and storage projects, with resources arriving gradually through December 2026, according to the announcement. The company will also provide technical assistance to update Ecuador's electricity master plan, unchanged since 2012.
These investments aim to address Ecuador's severe energy crisis, which has plagued the country since late 2023. With 72% reliance on hydroelectric plants, drought conditions have triggered devastating blackouts, including 14-hour daily outages during the most critical periods between September and December 2024. The Central Bank estimates power outage losses at $1.92bn, representing a 1.4% negative GDP impact, underscoring the urgent need for energy diversification.
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