IFC may back 70-MWp solar PV project in Honduras

Sep 25, 2014 - The International Finance Corp (IFC) may provide an up to USD-30-million (EUR 23.6m) loan to support the development of a 70-MWp solar photovoltaic (PV) project in southern Honduras.

IFC, the investment unit of the World Bank, has also taken responsibility to bring together a group of lenders to provide the financing for the up to USD-120-million project, according to information on IFC’s website.

The Valle solar scheme is developed by Compania Hondurena de Energia Solar SA de CV, also known as Cohessa, which in turn is owned by the energy projects developing vehicle of the Larach family. It will be located in the city of Nacaome and will have the capacity to generate an average of 122 GWh of electricity per year once completed.

Cohessa expects to begin building the plant in the fourth quarter of the year and to complete it by the second half of 2015. It has already agreed to sell the output to state-owned utility Empresa Nacional de Energia Electrica (ENEE) under a 20-year power purchase agreement (PPA).

The project will help Honduras reduce its dependence on fossil fuels and cut expensive energy imports, IFC noted.

(USD 1.0 = EUR 0.786)

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