SolarReserve seeks IDB loan for 20-MW solar park in El Salvador

Dec 9, 2014 - US solar projects developer SolarReserve LLC is asking for USD 21 million (EUR 17m) in loans from the Inter-American Development Bank (IDB) to build a 20-MW solar plant in El Salvador.

The Acajutla Energia Solar I photovoltaic (PV) scheme will require a total investment of USD 53 million, IDB said on its website. According to the lender, SolarReserve aims to secure up to 40% of the project costs through IDB financing and also expects to get up to USD 10 million in concessional financing from the Canadian Climate Fund (C2F). The remaining portion of the needed funds will be provided from other sources of long-term debt and base equity from SolarReserve.

The solar park, to be constructed near the City of Acajutla, will be equipped with polycrystalline solar modules and single-axis trackers. Once commissioned, it will be able to produce about 53,000 MWh of electricity annually. The generated power will be sold to seven electricity distribution companies of El Salvador under a 20-year contract signed in July.

The scheme is part of SolarReserve’s 800-MW pipeline of solar projects in Latin America, which include concentrated solar power (CSP), PV and hybrid installations.

(USD 1.0 = EUR 0.811)

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