MPC Energy bags all funds for 21.1 MWp of fresh solar in El Salvador

Netherlands-based sustainable energy company MPC Energy Solutions NV (OSE:MPCES) has achieved financial close on 21.1 MWp of solar projects in El Salvador and is gearing to launch construction later in January.

The Amsterdam-based company has obtained the needed funds for the projects after receiving a 15-year debt from Banco Agricola, a unit of Colombia’s Bancolombia. The loan will cover a 75% portion of the USD-25.3-million (EUR 22.3m) capital requirement for the Santa Rosa & Villa Sol schemes, MPC Energy said on Tuesday.

Spanish solar group Enerland has been tasked with the engineering, procurement and construction (EPC) activities.

The Santa Rosa & Villa Sol photovoltaic (PV) plants are scheduled to become operational in the closing quarter of 2022. Once up and running, they are expected to have a combined output of around 43 GWh per year, which will be sold to CAESS, the local arm of US power producer AES Corp (NYSE:AES), under a 20-year power purchase agreement (PPA).

MPC Energy estimates that the two projects will add around USD 3.5 million to its annual revenues, once completed.

(USD 1.0 = EUR 0.881)

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