PASH Global reaches fin close for USD-26m solar plan in Puerto Rico

UK-based developer PASH Global has secured the needed financing for a USD-26-million (EUR 22.3m) project in Puerto Rico that calls for solar panels to be installed on top of select gas stations owned by petroleum supplier Puma Energy.

As announced in May, PASH Global and Puma Energy plan to install 18.3 MWp of distributed generation (DG) solar power systems on the rooftops of 200 local gas stations. The UK firm will provide USD 11 million in equity, while Oriental Bank will finance the balance, according to a new statement from the developer. Oriental is the banking subsidiary of OFG Bancorp (NYSE:OFG).

Together, the planned solar installations will produce an estimated 28,500 MWh of electricity per year.

“Thanks to this long-term financing we have provided PUMA gas stations will generate and consume a significant proportion of their own energy. This is significant considering that only slightly over 2% of the energy generated on the island is renewable,” commented Patrick Haggarty, executive vice president for commercial banking and trust at Oriental. He added that the partnership has already resulted in the launch of two local pilot projects at Puma stations in Guaynabo and Caguas that can generate around 285 MWh annually.

(USD 1.0 = EUR 0.856)

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