Neoen cuts ribbon on 140-MW solar complex in El Salvador

France’s Neoen SA (EPA:NEOEN) has officially opened its 140-MW Capella Solar photovoltaic (PV) park in El Salvador, the French renewables developer said today.

The complex is made up of two solar plants -- Albireo I and II -- both located in the department of Usulutan. They were switched on at the beginning of April in order to meet a contractual deadline set under the project’s power purchase agreements (PPAs). Under 20-year off-take contracts, electricity from the solar parks will be sold to local power distribution firms Delsur, AES, EDESAL and B&D at a price of USD 49.55 (EUR 45.36) per MWh.

Financing for the USD-133-million Capella Solar was provided by IDB Group, Dutch development bank FMO and France’s Proparco. The capacity was installed by a tie-up of Spain’s TSK and France-based Gensun.

Albireo Power Reserve, a lithium-ion battery with 3.3 MW/2.2 MWh of capacity that was also part of the Capella Solar project, was commissioned in late February 2020.

The French independent power producer (IPP) has been present in El Salvador since 2014. Capella is its second solar farm that comes into operation after the 76-MW Providencia park that started injecting power into the national grid in April 2017.

Neoen El Salvador said back in February that, once Capella Solar goes live, the company will reach 7% market share in the country's wholesale electricity market.

(USD 1.0 = EUR 0.92)

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