South Korean agency to fund 1.5 MW PV project in Ecuador with USD 10m

(ADPnews) - Nov 15, 2010 - South Korea's International Cooperation Agency signed on Friday an agreement with Ecuador to provide USD 10 million (EUR 7.3m) for a 1.5 MW photovoltaic (PV) project in the Galapagos Islands as a non-reimbursable loan.
The solar plant, to be built in the Santa Cruz Island, is projected to be up and running in 2012.
Ecuador mulls over installing additional 4.5 MW in photovoltaic capacity in the Galapagos with funds from South Korea.
The Export-Import Bank of Korea has offered a loan of up to USD 200 million for electricity projects in Ecuador, including photovoltaic plants.
(USD 1.0 = EUR 0.731)

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