December 8 (Renewables Now) - AES El Salvador announced that it has received the initial contribution from the Overseas Private Investment Corporation (OPIC) in the amount of USD 3.9 million (EUR 3.3m) for a 100-MW solar project.
The Bosforo photovoltaic (PV) project, as it is named, requires a total investment of USD 160 million. Guatemalan company Corporacion Multi Inversiones (CMI) is AES' partner in this project, the firm said.
According to the local unit of AES Corporation (NYSE:AES), the Bosforo project will be built in three phases, with phase one commencing operation in the first half of 2018.
Once fully completed, the PV plant should be capable of generating enough power to offset 175,000 tonnes of carbon dioxide (CO2) emissions per year.
Overall, OPIC has a goal to catalyze USD 1 billion in investment in the private sector and create 10,000 jobs in this region over the next two years, AES noted.
(USD 1 = EUR 0.850)