Proparco signs financing for solar plant in El Salvador

Proparco, and ICC (Inter-American Investment Corporation), have signed an agreement for the construction and operation of a photovoltaic power plant in El Salvador.

This project combines the expertise of France’s Neoen , El Salvador’s Almaval and Spain’s manufacturer TSK via a joint venture.

The loan agreement for the Providencia Solar has a value of US$30 million.

The total project cost is estimated at US$150 million, with US$30 million of financing from PROPARCO, including a US$ 12 million AFD subparticipation, US$57.7 million from the Inter-American Development Bank (IDB) and US$30 million from the Canadian Climate Fund syndicated by IDB.

With a total capacity of 100 MWp, the new Providencia Solar power plant will supply electricity equivalent to the annual consumption of 176,000 inhabitants. It will comprise two substations: Antares, a 75 MWp plant, and Spica, a 25 MWp plant. Its commissioning is scheduled for May 2017.