AES Solar gets financing, starts building 24 MW solar project in Puerto Rico
Oct 3, 2011 - AES Solar Energy, a joint venture of US power firm AES Corp (NYSE:AES), and private equity firm Riverstone Holdings, last week said its unit AES Ilumina had closed financing and started installing a 24 MW solar plant in Puerto Rico.
AES Ilumina obtained a construction loan, term loan and tax-equity non-recourse financing facilities from US life insurer MetLife (NYSE:MET) in September. AES Corp did not disclose the amount of the financing.
The company has contracted Global Energy Services USA to lead the construction of the solar project on a land purchased from the Puerto Rico Industrial Development Company (PRIDCO) in the municipality of Guayama. The plant is expected to start operation in the summer of 2012.
The Puerto Rico Electric Power Authority (PREPA) will buy the plant's output under a 20-year power purchase agreement (PPA) with AES Ilumina.