June 12 (Renewables Now) - The French Development Agency (AFD) will provide EUR 11.5 million (USD 12.8m) in additional financing for the 50-MW Oruro solar park in Bolivia, developed by the country’s National Electricity Company (ENDE).
The financing agreement was signed by the head of Bolivia’s Ministry of Planning and Development, Mariana Prado, on Thursday, the ministry said on Twitter. The funds will come from Latin American Investment Facility (LAIF) of the EU.
As previously reported, AFD has committed to support the photovoltaic (PV) project in Caracollo with some EUR 60 million. The total cost of the scheme is estimated at USD 95 million.
Once completed, the solar park in the western department of Oruro is expected to be able to generate approximately 106 GWh of electricity each year.
Bolivia aims to reach 545 MW of renewable power generation by 2020, for a 12% share of the country's total electrical generation. The government has plans to spend up to USD 29 billion by 2025 to make Bolivia the "energy centre" of the Southern Cone.
(EUR 1.0 = USD 1.120)