MPC Capital reaches financial close for 6.5 MWp solar PV park in El Salvador
06 Feb 2020
San Isidro Solar Park will cut down CO2-equivalent emissions by 58.7 kilotonnes
HAMBURG, Germany – 6 February 2020 – MPC Capital has successfully secured the financing for the construction of San Isidro Fotovoltaica, a 6.5 MWp solar PV project in El Salvador. The financing agreements were signed with local Salvadorean bank Banco Agrícola.
The project attracted an investment volume of approximately USD 7.8 million. Construction is expected to start in Q2 2020, with commissioning scheduled for Q4 2020.
A 20-year USD-denominated power purchase agreement (PPA) with CAESS, the local subsidiary of the US-based energy company AES, is in place. Additionally, MPC Capital signed an Engineering, Procurement and Construction (EPC) contract with Enertiva, a Central American EPC company specialized in the construction of solar energy projects in the region.
Under the EPC contract, Enertiva will complete and hand over the San Isidro project on a turnkey basis. The company will also provide the operation and maintenance services to the project through an O&M agreement.
Martin Vogt, managing director at MPC Renewable Energies, said: “San Isidro Solar Park demonstrates our capability and competence as an eco-conscious development partner. The project will cut down carbon dioxide equivalent emissions by 2.3 kilotonnes annually and reduce CO2-equivalent emissions by 58.7 kilotonnes in total.”
“We see it as our responsibility to identify and leverage opportunities that benefit both our investors and the environment,” Mr. Vogt explained. “San Isidro Solar Park is not only attractive to investors who are looking to capitalise on clean energy assets – it also brings El Salvador one step closer to a low-carbon society. The country, just like the rest of the Central American region, has a tremendous renewable energy potential, with a bright future for solar and wind adoption.”
San Isidro Solar Park is MPC Capital’s third investment in Central America and the Caribbean, after Tilawind, a 21 MW operating wind farm in Costa Rica, and Paradise Park, a 51 MWp solar PV park in Jamaica, which started energy production mid 2019.
About MPC Capital AG
MPC Capital AG is an international asset and investment manager for real asset investments. Together with its subsidiaries, the company develops and manages real asset investments and investment products for international institutional investors, family offices and professional investors. Its asset categories of focus are Real Estate, Shipping and Infrastructure. MPC Capital AG is listed on the stock exchange (MPCK) since 2000 and has around 300 employees group-wide. More details at www.mpc-capital.com
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